Extra video memory is worth it because
1) It cant be updated after the event and it's not too much extra money.
2) Apple is slowly off loading some CPU tasks onto the GPU in order to speed performance. Including iLife (the iMovie effects are now GPU accelerated).
I predict when universal binarys of apps like CS3, or Final Cut Studio 2 are more available we will see further off set onto the GPU in order to optimise tasks and performance.
3) Digital Photography apps like Aperture already request a decent graphics card, so it will boost performace
4) Split screen (dual display) does work with 128mb, but what happens is the computer automatically alocate half of the video ram to each screen. Hence you would have 64mb on your iMac screen and 64mb on your external.
By uping the video memory to 256, you will get 2 screens with an allocated memory of 128mb each...
5) You plan on having the computer for a few years, then a small added investment now may prove dividends in the future should application system requirements change (which they do) and as you begin to experiment you may find that you want to do somthing where the extra ram would prove beneficial.
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Initially system ram will make more of a difference, however that can be upgraded at any time - video ram can not.