Nvidia's Turbocache and ATI's HyperMemory are IMO just marketing to be able to sell video cards with low amounts of memory. Now, it may be handled a bit differently, but in essence nearly ALL 3D video cards can do texturing from system memory. It was possible on the PCI bus, AGP and now PCI-E. Any time that the GPU doesn't have enough local memory to hold textures, it sends out to main memory. Now, that's kinda slow, right? Traditionally, yes. However, it is becoming less of an issue these days. Why do I say this? Well, a PCI-E 16X slot has tons of bandwidth, and DDR2 800 RAM in dual channel also has tons of bandwidth. This "tons" is compared to previous technologies. Indeed on a fast system with a really slow video card, there may not be much of a difference at all between using Turbocache/HyperMemory versus more onboard memory running at, say, a paltry 400-500MHz. Not that people with fast systems generally use these kinds of cards, so may be a moot issue since people using these cheap cards will often be using lower end systems, thus taking that performance hit.
I own a Turbocache 6200 and it played Enemy Territory and WoW just fine, in reasonable resolutions at reasonable quality settings with acceptable framerates. As long as you don't expect it to work as well as, say, a 7600GT, then it is completely playable in most games as long as you are willing to run in low resolutions with graphics quality turned down.
Note that the "new" 7100GS cards are really 6200TC GPUs repackaged, kind of like BITD when ATI repackaged the 8500 series to become the 9000/9200 series.