No they're not, not by a longshot. You will get significant stuttering on many titles, especially 360 ports, on cards with less than 256 megs of ram.
Perhaps we are moving to 256 as the target. That is still lagging way behind the amount of avalible ram.
I remember when I actually had to upgrade my video card because of ram and not performance else where. I haven't had to do that in a long time. I think eq2 made me go from a 128 meg 9700pro to a x800xt 512 meg if I recall right.
Weren't people at epic talking about using 2 gigs of ram for their unreal 3 engine games at one point before next gen consoles launched ?