The things you need to pay attention to are:
Overall Texture Resolution
Of Textures Loaded in a Scene.
The resolution of a texture will indicate how much video memory an image will take up. a 1024x1024 with alpha takes about 4 megs of video memory. This doesn’t get compressed.
Each texture may have additional information associated with it, depending on your engine, so that can affect why you’d want to keep the number of textures down. UT2k4 is like this.
So if you’ve got 16 1024x1024 maps in one scene, and only 32 megs of video memory, that would mean you’d need to send 32 megs of textures over the AGP/PCIX bus every frame to render that scene. That would slow your scene down considerably. However, once an image gets onto a card, that image stays there until the card fills up or you wipe the card (quitting the game, whatever). When the card fills up, the oldest texture used gets dropped to make room.
And if you’ve got 128 128x128 maps in one scene, you’re going to use 64 megs of memory again, but you might have 128 other snippets of information that needs to be processed by the processor.