At 1680x1050 you probably won't notice much of a difference between 512MB and 1GB on a 4870 in most games... There's several demanding games (Crysis/Warhead, GTA4, STALKER, etc.) where you'd see an improvement though. 512MB's fine if you don't plan to upgrade your display anytime soon.
If you're thinking of getting a 24" display I'd spring for the 4870 now (for $40 more), or rather, wait 'till April 2nd and see how prices shake out after 49xx is released.
If you're thinking of getting a 24" display I'd spring for the 4870 now (for $40 more), or rather, wait 'till April 2nd and see how prices shake out after 49xx is released.