What's more important? Graphics memory [size] or pixel fill rate
What's more important to you, nice textures or good framerates? Memory bandwidth is equally crucial. If that X300SE has only a 64-bit memory bus, the X600P and its 128-bit memory bus will simply crush it at any res above 640x480 16-bit. Neither card is that smart a purchase for current big-ticket games, though. Both cards' meager four pixel pipelines will probably have a hard time at even 1024x768 in newer, effects-laden games.
cwos, what's your budget, and what PC will you put the new card into? The Visiontek X600XT at Outpost for $70 + shipping is a great deal if the two cards you're looking at are around the same price, but it still seems relatively expensive compared to, say, a <$100 used 9700 Pro (which is, alas, AGP only). I'd think you can do better for not much more. I honestly don't know for sure, but
this $100 6600 from ZZF may be faster in newer games due to its superior "fillrate" and shader power, despite its much slower memory clock (550 vs. 736MHz).
So how much fill rate do you need for a 128mb card and 256mb card is the question.
Depends on the game, on the resolution, on the IQ settings.... The simple answer is always "the more, the better." The best answer is to just find as many benchmarks of the cards you're interested in running the games you'll play at the settings you want (resolution, AA level, effects).
Does anti-aliasing depend on the MB factor, the core clock, the memory clock, pixel pipelines or what?
Current multi-sample AA mainly feeds on memory bandwidth--at least, compared to old-school super-sample AA, MSAA shifts the burden from the whole card ("fillrate" and bandwidth) to mainly bandwidth.