ATI's drivers will not "benefit" from greater than 64MB apeture.
Do not set it any larger.
To answer your question: a graphics apeture is a portion of system ram which can be allocated to the videocard's framebuffer (across the AGP bus) when you run out of local memory. For example, if you have a 64MB card and run 3Dmark03 (which uses more than 96MB of local buffer) it will crash each time if you have a 32MB apeture. If it's 64MB, the bench will run successfully. Of course, since you've got a 128MB card, it doesn't really matter what you have it set to right now but 64MB is the recommended setting.