When this option came out with the April upgrades barefeats did a whole bunch of bench marks, and it made a VERY small difference in intensive 3D games... like 7 frames per second kinda difference.
Note, however, that most games weren't coded to take advantage of the extra VRAM right now.
Barefeats actually found the best upgrade to be the 5400rpm hard drive.
Photoshop, Final Cut, and other 2D type apps are not VRAM dependant... they are CPU, RAM, and HD speed dependant.
Having said all that, it would be foolish to spend that much money on a machine and not get the upgrades. Get the extra VRAM, get the faster HD, buy some extra ram from crucial or a good company (not apple... charges to much) and FUTURE PROOF your machine.
While apps may not depend on this now, they will in the future.