I have been hearing a lot of people say that unless I get a 700-something MB graphics card I won't have very good graphics, but will Sins run well on this if I set it to high quality? How much difference in graphics will I have if I have a 512MB card and not a 700-something MB card?
As far as graphics go, your specs are more than adequate. You should have plenty of detail.
What the game does require is lots of memory. 4Gb is about the minimum. On larger maps with lots of trade ships, fighters and bombers, things can get a little jerky if you haven't enough ram.