The bit you see there. (128, 192,256,448,512, ect) is the width of the Memory Bus. Think of it as channels. how there is Dual Channel Tripple channel and Quad channel memory for you PC. In other works each Channel has its own Controller allow for faster speeds. Now with memory every 64bits is pretty much a channel.
Now the thing is though its not just about the channel. What you really want to look at is the bandwith. If you have a high bit with ram (I'll take my GTX 260 which has 896 Megabytes of ram and its a 448 Bit Bus) But the new Cards which have like 128,192,256 on average BUT the Ram Speed is much higher and faster. My old card only uses GDDR3 while most new cards use GDDR5 which is MUCH faster. Yes a high bit rate is better...