I wasn't aware that OSX utilized the GPU in this way.
Conclusions...
Link: http://www.anandtech.com/video/showdoc.aspx?i=3602
The contents of each window and the windows themselves are drawn by the GPU and stored in video memory. Previous versions of OS X either drew windows in system memory and then composited all of them in video memory, or did everything in system memory and just outputted the final scene to the video card. Ever since OS X 10.4, the entire drawing and display process happens on the GPU and in video memory. Ars Technicas John Siracusa has an excellent explanation of the whole process.
Conclusions...
While it would take 70 normal windows to max out the 512MB of video memory on a GeForce GT 120 at 2560 x 1600, it would take less than nine 12MP images open in Photoshop to do the same. And once again, you dont get that memory back when you close your images - only after you exit Photoshop. Most other windows in OS X will give you your GPU memory back as soon as you close the window.
If you find yourself doing a lot of work in Photoshop, youll want to either limit the number of images you have open at once or disable OpenGL acceleration. And by all means, quit the app once youre done editing. Of course you could always move to a graphics card with more memory...
Link: http://www.anandtech.com/video/showdoc.aspx?i=3602