I didn't take performance numbers but here's what I did get:
Video Memory Setting | Memory Usage Max in Afterburner
Without the parameter:
Video Memory Default = 1024
Video Memory Very High = 788
Video Memory Normal = 635
With:
Video Memory Default + -maxVRAM=512 = 1024
Video Memory Very High + -maxVRAM=256 = 788
Video Memory Normal + -maxVRAM=256 = 635
So MSI Afterburner does seem reliable. Even though I didn't get the frames per second I can say Default + -maxVRAM=256 didn't feel any less smooth than without the parameter.
Yes, I tested Video Memory on Very High, Normal, Low, and Default. I varied some other graphical settings too just to see if they were causing this for whatever reason.
http://community.bistudio.com/wiki/Arma2:_Startup_Parameters
I tried using this "-maxVRAM=" startup parameter today and found it doesn't work. For example if I use "-maxVRAM=512" MSI Afterburner still shows that memory usage goes up to my max, 1024, with Video Memory on Default. It also doesn't work with Video Memory on Very High or any other lower setting.