You can judge for yourself, but it seems crazy to me that such a small change would double the required VRAM. The ultra textures are so incredibly similar to the high setting ones that when I compare near identical images I can only catch a subtle difference here or there.
The Steam store page for the ultra textures says they are “the highest resolution textures available,” but when I loaded them in game, I had to double check that they were even installed at all. I installed the ultra texture pack onto the Large Pixel Collider, our PC of inordinate power, to see what the game looks like when running out of VRAM isn’t a concern. The textures are optional to install, only becoming available in-game after downloading a free DLC pack from the Steam store, presumably because the patch is 3.7GB for a feature that will basically only be used by people who have a GTX Titan.
There’s been a lot of buzz around Middle-earth: Shadow of Mordor’s ultra HD textures, mostly because you’ll need a minimum of 6GB of VRAM to use them.