The point of going UMA is having a single large pool of memory that uses a single memory bus which is cheaper to manufacture and allows developers to allocate as necessary versus a split pool system like the PS3. Devs have to cram in use video assets into 256 MB of VRAM. When you slather on the AA and texture res, it starts to get small very quick.
However such large pools of memory that happen to be of very high bandwidth is very expensive too, so often enough, UMA systems get the eDRAM treatment to make up for the lack of bandwidth. However eDRAM does have it's advantages and in the 360 for example, it allowed the 360 to have a very efficient render back end. In concert with a UMA main memory system, devs generally had an easy time targeting 720p with 2x MSAA without running into VRAM and rendering time issues as quickly as with the PS3. I believe it's a big part of how the 360 has managed to cope so well going on 8 years since it's release.
With dedicated PC graphics, you can have massive bandwidth advantages compared to even the PS4, which allow for 2560 x 1440 rendering with different types of AA that go beyond what you would normally see on the PS4. Brute force baby. It's like when the 8800GTX came out the same time the PS3 did in late 2006. It had over double the bandwidth of any of the PS3's memory buses, and three times the video memory (which not to mention was 50% more memory than the PS3 had TOTAL). It made 1080p gaming an easy possibility but it was expensive, as pricey as the 60 GB original model PS3s.