Remember what the AGP/PCIe interface is doing... transferring data. I think PCIex8 is going to be fine for a while.
Then remember what kind of data it is transferring
1./ textures
2./ coordinates
3./ calculated renderings
So long as there is sufficient memory on the card, then textures are loaded once or pre-loaded.
So long as the number of coordinates is a reasonable order of magnitude (hundreds of thousands, not hundreds of millions) then we are OK
So long as the GPU does the graphics work, not the CPU, then this doesnt happen.
So actually, the more memory on the GPU, the less bandwidth you need, because assets are preloaded and remain on the card.
Why are x16 benchmarks better than x8 better than x4 etc, even if the difference is only small. I bet the MOST OF IT is actually uploading new textures etc. If we looked as the MODE distribution frames-per-second
http://en.wikipedia.org/wiki/Mode_(statistics) then I bet the results would be even closed. Remember that the "average" gets hit by just a few of the worst frames (loading new textures), whereas the "mode", the framerate 95% of the time, is probably the same.
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An analysis by w1z of
http://en.wikipedia.org/wiki/Mode_(statistics) FPS would be extremely enlightening and would put the discussion to bed.