You will always be able to not use some features to make the game work at your requested resolution.
Can you live without AA? I did even when I didn't have to early on in my former card's life.
While it's nice for a game to look pretty, if it can be playable and still plesant, that's what's important. Anything much beyond that is bragging rights.
I went from a Riva TNT, to a Geforce 2 MX, to a Radeon 8500, to my current 7800 GT. When I got the cards, they were all fairly new and near the top of the line if not the top of the line (like the 8500). Now, I'm only an occasional gamer, but I've been able to make due with many games untill just reciently.
The good news? PCI-E should be around for a while, so if you're an upgrade hound, the resale value of your card should be pretty good, and if you're not, there will be an upgrade available to you in the far future that SHOULD be compatable with your current system in most forms. We're around an AGP 4x/8x area of performance (If you've had an AGP 4X slot, you've been able to upgrade pretty far for a long time on the video card end), where the bandwidth far exceded what is actualy being used in most cases (Not including SLI applications)