I thought the amount of frame buffer memory needed was just determined by the number and size of frames to buffer, i.e. resolutions used in games, antialiasing, number of monitors driven. And I am sure there are plenty of people running 64-bit OSes and games with video cards on less than 1GB VRAM.
Take my vote with a pinch of salt, I'm voting for the XFX 4850 XXX 512MB because I chose that for my system as well. (the build, is like yours, going to be an i5 with the MSI GD65
)
The reasons were that like the Sapphire Vapor-X it has more effective aftermarket cooling, and power consumption is lower than the 4870 and GTX260 cards I was considering, certainly not the same motivations as yours. Besides, I use a 20" monitor. If you have a bigger screen or more than one monitor then yes, getting more VRAM is more useful than an overclocked card. And finally, Hexus's review gives it a pretty good rating (I recalculated the bang4buck scores based on current prices and it's ~2.8, way better than at the time of review and beating down the cards it was compared with, if you're wondering, I calculated current bang4buck scores for those cards too).