VRAM is mostly used for textures and filtering to smooth transitions between different texture sizes. While 2GB is not a huge amount, it is a good amount. You may experience lagging or jerkiness on newer games with lots of textures, but turning down filters and lowering textures to high or med should fix it (ultra is out of the question). So only having 2 GB of VRAM isn't that big a disadvantage.
The 840m is substantially slower than the 850m. It has:
■384 shaders @ 1029 MHz vs 640 shaders @ 976 Mhz
■A 64-bit memory interface vs a 128-bit memory interface
■2 GHz memory bus vs a 2-5 GHz memory bus (determined by manufacturer)
■and most importantly, GDDR3 VRAM while the 850m can come with GDDR3 or GDDR5 VRAM (determined by manufacturer).
In terms of benchmarks, it's difficult to compare because while there's just one 840m config, the manufacturer can configure the 850m to be slow or fast. But in general the 850m should be a bit less than 2x as fast as the 840m.