Every Xbox 360 model—regardless of hard drive size (20GB, 60GB, 120GB, 250GB, 320GB, 500GB) or revision (Original, Slim, E)—has 512 MB of unified GDDR3 RAM clocked at 700 MHz (1.4 GHz effective).
The hard drive capacity only affects storage space for game installs, saves, DLC, and media. It does not increase system memory or improve graphical performance.