No, it won't.
Once DX11 gets instituted into consoles, you will see a lowering of memory requirements as more developers will begin taking advantage of the API's native memory addressing space and other tools which are specifically designed to lower memory requirements.
The reason why we see ballooning memory requirements these days is due to the inherent inefficiencies of porting DX9-centric console games with their outdated memory management models over into the PC space.
As for 1440P @ 120Hz, don't expect any widespread availability of quality screens like that at moderately accessible price (ie; under the $1000 mark) for the next 14 months or so, long after Maxwell arrives. And plus, the refresh rate doesn't really matter in terms of memory usage unless you run 3D Vision or whatever AMD calls their stereo 3D these days.
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