Memory use seems to come from three places: geometry, textures, and render size. So I did some experiments.
Geometry:
10k triangles used 22 MB
1m triangles used 200 MB
4m triangles used 680 MB (and took FOREVER to load

Textures:
1024x1024 - used 4MB
2048x2048 - used 16MB
8192x8192 - used 250MB
Grayscale Textures: (via floatimage)
1024x1024 - used 1MB
2048x2048 - used 4MB
8192x8192 - used 64MB
Render size::
100x100 - used 2MB
1024x1024 - used 21MB
2048x2048 - used 81MB
4096x4096 - used 320MB
8192x8192 - used 1280MB
HD 1280x720 - used 20MB
HD 1920x1080 - used 41MB
So really, to use all 1.2GB (1280MB) of a 470's VRAM, I could have HD 1080p renders of:
- 2m triangles (400MB) and 55 textures at 2k
- 2m triangles and 13 textures at 4k
- 4m triangles (680MB) and 35 textures at 2k
- 6m triangles and no textures
However I'm pretty new to 3d and would love anyone's feedback on this.