Computer games are generally the driving force behind the advancement of video card technology.
If you are planning on playing the latest and greatest games in the next year or two, and want high framerates, you will need one of the new video cards like the Geforce6800 series or Radeon X800/X850 series with 256MB of VRAM.
On the other hand, a powerful graphics card is also needed with some apps like (I think) Final Cut and Motion. In these cases having a lot of VRAM is a bit more important than having the latest and greatest GPU (though it doesn't hurt).
Also, using a large display with a high native resolution will require more VRAM to run apps at the high res.