As I said previously, you get a little boost by simply having 128MB with 4200 cards regardless of whether the extra RAM is needed. It is only small but it's enough to make the 13% faster RAM clock on the 64MB version yield only a 1-2% perf advantage and the 64MB will be much slower if more than 64MB becomes req'd. The Rad8500 also used this curious optimisation (where having 128MB gives a little boost even when it's not being used as such). Rad9000 and GF3 did not, they only gained in perf if something needed more than 64MB. SO it's VERY different to the DX9 on slow cards such as FX5200, FX5600 and Rad9600.
64MB is fine for a 4200 but now that all -8X cards should have the faster RAM clock the 128MB versions are the clear choice. Even with the slower clocked 4200 cards you certainly aren't losing out, in fact although it is close I'd say it's a better idea. Do rem that gfx card memory is not just for frame buffer usage. The frame buffer simply holds the full screen of pixels ready to be sent to the monitor, the gfx RAM also stores the back buffer (the next screen preparing to be sent to the monitor), 4-8MB is common for each of these buffers. More importantly your gfx RAM has to store Z-buffer (depth), pixel and vertex functions (DX8/9), geometric data and of course the crucial TEXTURE DATA which is often very large and getting larger with 128MB of gfx RAM being the norm now. There's no doubting that a 4200_64MB is a much better idea than a 128MB or even 256MB equipped FX5200 or Rad9200.
256MB is a waste and not likely to be worth the extra it costs, but in 6-12 months it may be well worth getting the 256MB card firstly because price diffs will be smaller and secondly things will begin to take advantage of it. Rem the 4200 was not the first card to offer 128MB, it was too soon for the GF3TI200 for example.