If the goal is to increase your VRAM capacity without needing to add more VRAM, improving your I/O is one method. The other method is to have less overhead of what you need to store in memory.
Just because things are stored in memory, doesn't mean it gets used. That's the challenge of real time gaming vs a tech demo. A tech demo, everything gets used. A game, a lot of times you're loading stuff a lot of stuff you may not need. If you can reduce the amount of information to exact to just what you need, you can have significantly more savings on capacity.
I/O speed is great too, but if you're doing things the old way and loading in 67Mb texture (8K) and only use 1Mb of it on screen, and the competing system is just loading the 1MB of that 67MB texture, the amount of I/O won't make up the difference in both capacity or in how much you can send over the line. You wasted bandwidth and capacity in doing it in this way.
If you want more capacity the best way is to reduce the overhead in memory. If you can succeed in wins there, I/O speed is the next best thing afterward.
Looking at game like spiderman I suspect efficiency is exactly what current gen has been focusing on. The gdc talks about spiderman are fascinating. They include details about streaming, world building, packaging data etc. It's also probably why sony has chosen to use spiderman as an example when they talk about ps5 streaming.
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