I'm not sure, but isn't there also a speed issue? If the GPU uses VRAM, it doesn't have to go out on the main memory bus and transfer information back and forth to main memory. I think it should be faster in talking to the dedicated memory to which it is hard-connected.
That's the gist of it. I'm a computer engineer and I recently took a Computer Architecture class in which we developed our own processors. There's good example from that class that can help out a lot for this discussion. The example uses CPU's, but it's really the same principle.
Memory is what slows down our processors. If we could instantly get data to our processors whenever they fetched it (went to get it to use), we would have a lot more computing power. Basicly, a computer has to fetch the information it wants. To get the information, it goes through several levels of memory:
Hard Drive
Ram
Level 3 cache
Level 2 cache
Level 1 cache
register
In most chips, the register can be puled from without delay, but the other levels take time. Here's an example chart. This isn't exact, I just made up the figures. The numbers are the clock cycles it takes to fetch piece of information (called a word in computer terms)
registers - 0
L1 cache - 2
L2 cache - 4
L3 cache - 7
Ram - 20
HDD - 43
As you can tell, when you have higher amounts of "closer" memory it really helps the system. When a computer finds it needs something, it will have less to travel to get it.
With GPU memory, it works the same way. I don't know how much of a difference it is, but it will take longer to go to the Computer Ram than to use it's own on board Ram.