I've been wondering about this. Thanks for posting. Where did you get this information from? Have you read the following article?
http://arstechnica.com/reviews/os/macosx-10.4.ars/14
My interpretation is that backing stores are *not* drawn directly from RAM, but must be copied into VRAM first. So I wonder if setting the integrated graphics VRAM low means that you're copying from one part of RAM to another before displaying. I hope its not the case but it well could be. Furthermore, I assume that the GPU can read memory directly without processor intervention, so having a larger VRAM (even if it is virtual) would save CPU bandwidth.
Of course Apple could have optimized this so that the VRAM setting doesn't really matter...but from the above article it sounds like when they wrote Tiger they were never anticipating integrated graphics, so who knows what actually got delivered.