OK, just had my first event like this.  Middle of a fight my screen locks up for a few seconds, goes white, then comes back slowly with lots of stutters.  After a few minutes it began to run normally again.  Text buffer alerted me that I was "Out of Video Memory" with recommendations to shut down everything from anti-aliasing to the Goldstone Deep Space Tracking Network.  Video Memory = 3805.0M, Used = 8.8M, Cnt = 0. In game I'm running 1920x1200 res, AA max, Max Texture Size 1024, Ground Clutter Disabled in Flight, Detailed Water/Terrain with Local Water Reflections on. I'm also using Bump Map Terrain and My Vehicle/Plane. 
I was flabbergasted at the VRAM issue since I'm running a GTX 560Ti with 2G of VRAM (along with 4G of mainboard RAM).  I run MSI Afterburner, TrackIR, and Saitek SST while in game.  The TrackIR and Saitek SST I've used for years and the MSI Afterburner was installed along with the 560 a few months ago and have never had a single problem with the graphic card.  Also, my 560 peaked at only 56 deg C during this session.  
------------------
System Information
------------------
Time of this report: 2/20/2012, 21:36:04
       Machine name: MACE-PC
   Operating System: Windows 7 Ultimate 64-bit (6.1, Build 7601) Service Pack 1 (7601.win7sp1_gdr.110622-1506)
           Language: English (Regional Setting: English)
System Manufacturer: EVGA__
       System Model: 132-YW-E179-FTW
               BIOS: Phoenix - AwardBIOS v6.00PG
          Processor: Intel(R) Core(TM)2 Duo CPU     E8500  @ 3.16GHz (2 CPUs), ~4.3GHz
             Memory: 4096MB RAM
Available OS Memory: 4094MB RAM
          Page File: 1964MB used, 6222MB available
        Windows Dir: C:\Windows
    DirectX Version: DirectX 11
DX Setup Parameters: Not found
   User DPI Setting: Using System DPI
 System DPI Setting: 96 DPI (100 percent)
    DWM DPI Scaling: Disabled
     DxDiag Version: 6.01.7601.17514 64bit Unicode
------------
DxDiag Notes
------------
      Display Tab 1: No problems found.
      Display Tab 2: No problems found.
        Sound Tab 1: No problems found.
        Sound Tab 2: No problems found.
        Sound Tab 3: No problems found.
        Sound Tab 4: No problems found.
          Input Tab: No problems found.
--------------------
DirectX Debug Levels
--------------------
Direct3D:    0/4 (retail)
DirectDraw:  0/4 (retail)
DirectInput: 0/5 (retail)
DirectMusic: 0/5 (retail)
DirectPlay:  0/9 (retail)
DirectSound: 0/5 (retail)
DirectShow:  0/6 (retail)
---------------
Display Devices
---------------
          Card name: NVIDIA GeForce GTX 560 Ti
       Manufacturer: NVIDIA
          Chip type: GeForce GTX 560 Ti
           DAC type: Integrated RAMDAC
         Device Key: Enum\PCI\VEN_10DE&DEV_1200&SUBSYS_23841462&REV_A1
     Display Memory: 3805 MB
   Dedicated Memory: 2014 MB
      Shared Memory: 1791 MB
       Current Mode: 1920 x 1200 (32 bit) (59Hz)
       Monitor Name: Generic PnP Monitor
      Monitor Model: SyncMaster
         Monitor Id: SAM03F4
        Native Mode: 1920 x 1200(p) (59.950Hz)
        Output Type: DVI
        Driver Name: nvd3dumx.dll,nvwgf2umx.dll,nvwgf2umx.dll,nvd3dum,nvwgf2um,nvwgf2um
Driver File Version: 8.17.0012.6677 (English)
     Driver Version: 8.17.12.6677
        DDI Version: 11
       Driver Model: WDDM 1.1
  Driver Attributes: Final Retail
   Driver Date/Size: 1/28/2011 03:36:54, 12865128 bytes
        WHQL Logo'd: n/a
    WHQL Date Stamp: n/a
  Device Identifier: {D7B71E3E-5140-11CF-C76D-88031FC2C535}
          Vendor ID: 0x10DE
          Device ID: 0x1200
          SubSys ID: 0x23841462
        Revision ID: 0x00A1
 Driver Strong Name: oem26.inf:NVIDIA_SetA_Devices.NTamd64.6 .1:Section005:8.17.12.6677:pci\ven_10de&dev_1200
     Rank Of Driver: 00E62001
        Video Accel: ModeMPEG2_A ModeMPEG2_C ModeVC1_C ModeWMV9_C 
          Card name: NVIDIA GeForce GTX 560 Ti
       Manufacturer: NVIDIA
          Chip type: GeForce GTX 560 Ti
           DAC type: Integrated RAMDAC
         Device Key: Enum\PCI\VEN_10DE&DEV_1200&SUBSYS_23841462&REV_A1
     Display Memory: 3805 MB
   Dedicated Memory: 2014 MB
      Shared Memory: 1791 MB
       Current Mode: 1920 x 1080 (32 bit) (60Hz)
       Monitor Name: Generic PnP Monitor
      Monitor Model: SMS22A350H
         Monitor Id: SAM07D1
        Native Mode: 1920 x 1080(p) (60.000Hz)
        Output Type: HD15
        Driver Name: nvd3dumx.dll,nvwgf2umx.dll,nvwgf2umx.dll,nvd3dum,nvwgf2um,nvwgf2um
Driver File Version: 8.17.0012.6677 (English)
     Driver Version: 8.17.12.6677
        DDI Version: 11
       Driver Model: WDDM 1.1
  Driver Attributes: Final Retail
   Driver Date/Size: 1/28/2011 03:36:54, 12865128 bytes
        WHQL Logo'd: n/a
    WHQL Date Stamp: n/a
  Device Identifier: {D7B71E3E-5140-11CF-C76D-88031FC2C535}
          Vendor ID: 0x10DE
          Device ID: 0x1200
          SubSys ID: 0x23841462
        Revision ID: 0x00A1
 Driver Strong Name: oem26.inf:NVIDIA_SetA_Devices.NTamd64.6 .1:Section005:8.17.12.6677:pci\ven_10de&dev_1200
     Rank Of Driver: 00E62001
        Video Accel: ModeMPEG2_A ModeMPEG2_C ModeVC1_C ModeWMV9_C 
-------------
Sound Devices
-------------
            Description: Speakers (Logitech USB Headset)
 Default Sound Playback: Yes
 Default Voice Playback: Yes
            Hardware ID: USB\VID_046D&PID_0A0C&REV_1013&MI_00
        Manufacturer ID: 65535
             Product ID: 65535
                   Type: WDM
            Driver Name: USBAUDIO.sys
         Driver Version: 6.01.7601.17514 (English)
      Driver Attributes: Final Retail
            WHQL Logo'd: n/a
          Date and Size: 11/20/2010 05:43:52, 109696 bytes
            Other Files: 
        Driver Provider: Microsoft
         HW Accel Level: Basic
              Cap Flags: 0x0
    Min/Max Sample Rate: 0, 0
Static/Strm HW Mix Bufs: 0, 0
 Static/Strm HW 3D Bufs: 0, 0
              HW Memory: 0
       Voice Management: No
 EAX(tm) 2.0 Listen/Src: No, No
   I3DL2(tm) Listen/Src: No, No
Sensaura(tm) ZoomFX(tm): No
            Description: Realtek HDMI Output (Realtek High Definition Audio)
 Default Sound Playback: No
 Default Voice Playback: No
            Hardware ID: HDAUDIO\FUNC_01&VEN_10EC&DEV_0888&SUBSYS_10DE0175&REV_1001
        Manufacturer ID: 1
             Product ID: 100
                   Type: WDM
            Driver Name: RTKVHD64.sys
         Driver Version: 6.00.0001.6449 (English)
      Driver Attributes: Final Retail
            WHQL Logo'd: n/a
          Date and Size: 8/30/2011 17:28:46, 3069032 bytes
            Other Files: 
        Driver Provider: Realtek Semiconductor Corp.
         HW Accel Level: Basic
              Cap Flags: 0x0
    Min/Max Sample Rate: 0, 0
Static/Strm HW Mix Bufs: 0, 0
 Static/Strm HW 3D Bufs: 0, 0
              HW Memory: 0
       Voice Management: No
 EAX(tm) 2.0 Listen/Src: No, No
   I3DL2(tm) Listen/Src: No, No
Sensaura(tm) ZoomFX(tm): No
            Description: Realtek Digital Output (Realtek High Definition Audio)
 Default Sound Playback: No
 Default Voice Playback: No
            Hardware ID: HDAUDIO\FUNC_01&VEN_10EC&DEV_0888&SUBSYS_10DE0175&REV_1001
        Manufacturer ID: 1
             Product ID: 100
                   Type: WDM
            Driver Name: RTKVHD64.sys
         Driver Version: 6.00.0001.6449 (English)
      Driver Attributes: Final Retail
            WHQL Logo'd: n/a
          Date and Size: 8/30/2011 17:28:46, 3069032 bytes
            Other Files: 
        Driver Provider: Realtek Semiconductor Corp.
         HW Accel Level: Basic
              Cap Flags: 0x0
    Min/Max Sample Rate: 0, 0
Static/Strm HW Mix Bufs: 0, 0
 Static/Strm HW 3D Bufs: 0, 0
              HW Memory: 0
       Voice Management: No
 EAX(tm) 2.0 Listen/Src: No, No
   I3DL2(tm) Listen/Src: No, No
Sensaura(tm) ZoomFX(tm): No
            Description: Speakers (Realtek High Definition Audio)
 Default Sound Playback: No
 Default Voice Playback: No
            Hardware ID: HDAUDIO\FUNC_01&VEN_10EC&DEV_0888&SUBSYS_10DE0175&REV_1001
        Manufacturer ID: 1
             Product ID: 100
                   Type: WDM
            Driver Name: RTKVHD64.sys
         Driver Version: 6.00.0001.6449 (English)
      Driver Attributes: Final Retail
            WHQL Logo'd: n/a
          Date and Size: 8/30/2011 17:28:46, 3069032 bytes
            Other Files: 
        Driver Provider: Realtek Semiconductor Corp.
         HW Accel Level: Basic
              Cap Flags: 0x0
    Min/Max Sample Rate: 0, 0
Static/Strm HW Mix Bufs: 0, 0
 Static/Strm HW 3D Bufs: 0, 0
              HW Memory: 0
       Voice Management: No
 EAX(tm) 2.0 Listen/Src: No, No
   I3DL2(tm) Listen/Src: No, No
Sensaura(tm) ZoomFX(tm): No