1GB of graphics memory is starting to become a a bit of a bottle neck but only in very few situations, as harmony says especially for SLI/Xfire. of course the GPU manufactures have known this for a while and Nvidia have had more than 1GB on their top two cards for the last 17 months, AMD have pushed the bar a bit higher by going with a full 2GB with their top card and two dedicated versions of their second card a 1GB and 2GB variant (6950) right of the bat from December last year.
the next generation from AMD if rumours are correct will have 2GB on the top two cards and 2GB on the two cards next down the line as well (7970/7950 and 7870/7850). nobody knows what Nvidia plan to do, but i would be surprised if they didn't follow suit and increase their memory count, this is of course made a little more difficult for Nvidia due to their different bus widths but who knows what they will do.
Bottom line is 1GB enough, high end its not an issue, mid range it could be, depends how often you upgrade. if you plan to upgrade sometime next year then you will still be fine with 1GB for now, but if you are going to hold on for another couple of years then go for more memory now.
just my 2p worth.