The docs have a bug and are incorrect. In the latest vSphere and supporting View 5.2 release. We did make a change to allow up to 512MB of VRAM for both Non-Hardware accelerated graphics and vSGA ( Shared Graphics Acceleration ) using a physical GPU.
If you have set this though View manager it will update the vmx of each VM in the pool. Please note the VMs must be fully powered off ( Not Reset / Rebooted ) before the settings will take affect.
It seem MSINFO32 is reporting the wrong info. If you run dxdiag you should get a closer reading. It will report higher than what you have but is closer than MSINFO32.
WP