I assume you are looking at the specs for a GDDR5 card? GDDR5 transmits 4 bits per clock cycle vs GDDR3's 2 bits per cycle, so to get the memory transfer rate, you take the frequency(1200MHz) and multiply it by the bits per cycle(4 for GDDR5) and you get your total memory transfer rate to be 4800Mbps, or 4.8 Gigabits/second.
In short, its the memory transfer rate of the card, all other things equal, higher is better, however this doesnt necessarily tell the whole story as you also have to factor in the width of the memory bus to find the total available bandwidth, but you really need to look at benchmarks rather than specs to get a good idea of how cards perform against each other.