1.5gb will happily run Solitaire for months.
Seriously, are you noticing slow-down after a while with the hard-drive continually thrashing (unless it's the Vista Indexing service or Windows Defender)? If so, then you'd benefit from more RAM. If not, you won't.
There comes a certain point with RAM where you'll never notice a difference. I couldn't tell, without checking, if my PC was running smoother with 2.5gb of RAM rather than 2gb.
Assuming your PC uses DDR2 RAM, then you could argue it's a no-brainer to buy more at the moment. You can buy 1gb of RAM for £15 now.
If you use Vista, the more you feed it, the better your overall PC will be, as Vista has SuperFetch, which uses up available RAM to pre-load the programs you use the most, so when you load it for the first time, the program's already in the RAM and loads up super quick (it frees up that RAM immediately if the system needs it for something else). For this reason alone I've got 8gb in my system - very little of what I do would ever use 8gb, but it's lovely having pretty much everything ready for me when I want it to be. Photoshop loads in about 3 seconds, as opposed to the ~15 seconds it would if it was loading purely from the hard drive. It makes the day-to-day experience so much smoother. 8gb's over the top for pretty much everyone but the power and in particular the creative user, but at the price DDR2 RAM is at the moment, if you've got £30 burning a whole in your pocket, stick some more RAM in, especially if you've got Vista.
No point getting more than 4gb for a 32-bit OS though, as it can only address around 3.5gb in most systems, and any single process can only address 2gb max. A 64-bit OS can address 16 exabytes. That's 17 billion gigabytes. 17,000,000,000gb. Even Norton Anti-Virus might be smooth with that.