The only REAL thing that the graphics memory effects is the quality of the textures. All graphical processing effects wont make a large difference.
If your main concern is playing games then the 512MB is def worth it. The 256 MB will only allow at best medium textures for the vast majority of games on the market. The 512 should allow high settings.
If your main concern is playing games then the 512MB is def worth it. The 256 MB will only allow at best medium textures for the vast majority of games on the market. The 512 should allow high settings.