leman, there was an article at the website called overclockers.ru, about the vRAM amount necessary for modern games. I don't think you need a link to it, since it's completely in Russian
but the testing results clearly pointed that absolutely most famous gaming titles that comed out in 2011-2012, require 550-1000MB at 1080p resolution.
that said, 512mb is a real bottleneck for those who want to use highest texture quality settings.
I can read Russian, so feel free to link it. Anyway, amount of VRAM required ≠ benchmark. Here, I found some Crysis benchmarks (treat them with a grain of salt): http://www.overclock.net/t/401321/4870-512mb-vs-1gb-comparison
Don't forget that raising texture quality settings usually means increased bandwidth requirements - which is lacking on the 128bit 650M.
As to texture quality... S3TC compressed 1024x1024 texture with full mipmap chain is 1.33 MB. Of it, there is no need to keep the top mipmap level (the 1024x1024 part) in the VRAM all the time - you only need it when the object is very close by. In which case it can be streamed to the VRAM very quickly by a LOD-aware engine (alas, game engines are often very inefficient in this regard, which is a shame). This means 0.33 MB for high-quality texture chain - 100MB VRAM could fit 300 such textures, without compromising quality. And it will become even better when we get consistent ASTC compression support.