I would like to play WoW and other games at 1600x1200, will the 8800 320M version be enough or do I need 512M?
Well there is no 512, just a 640 or 768. 512 would be the R600 card.
For games like WOW 320MB will be enough, for other games, especially elaborate FPSs you may hit a wall in the future.
If your future gaming requires that resolution you may have trouble, but you'll also likely run out of core horsepower too. Right now there is less effect of the memory size at low resolutions like 16x12 and below, than there is in memory speed (a faster 320 will do better than a slower 640), and when both are OC'ed the effect at that resolution is minimal, however above that or turn on high levels of AA and you start to hit a brick wall that no amount of OC'ing will make up for.
16x12 seems to be the sweetspot for current games with the 320, but future games may be different depending on their use of DX10 features to save memory or whether they use the more and more widely available large memory amounts to make megatextures more common.
You can always tweak things to make it playable, but it's just a question of whether it's worth the money.
For WOW and RTS games it won't matter, for tougher games, you may wish the security of 640MB if you aren't upgrading for a long time.