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Too bad textures aren't larger than 32 MB yet 
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You can have as many textures as you want, and the sum of those textures can easily surpass 32MB. Especially if you run an engine that is a tad more recent than that
half-@ss...err I mean half life engine all the lil teeny boppers play CS (puke) on. The only reason developers code for 32MB cards is because that is what most people have in their systems now.
On the other hand, by the time 128MB cards become mainstream, they will also come with better GPUs. So in that sense, it is a waste of money, but hey to each his own.