There is a LOT to be said in taking the time to test out the various garbage collection settings, but as was mentioned above it usually not useful to do so.
I am currently working on a project involving a memory-limited environment and a relatively large amounts of data--there are a few large pieces of data that push my environment to its limit, and even though I was able to bring memory usage down so that in theory it should work just fine, I would still get heap space errors---the verbose GC options showed me that it was trying to garbage collect, but to no avail. In the debugger, I could perform System.gc() and sure enough there would be "plenty" of memory available...not a lot of extra, but enough.
Consequently, The only time my application calls System.gc() is when it is about to enter the segment of code where large buffers necessary for processing the data will be allocated, and a test on the free memory available indicates that I'm not guaranteed to have it. In particular, I'm looking at a 1gb environment where at least 300mb is occupied by static data, with the bulk of the non-static data being execution-related except when the data being processed happens to be at least 100-200 MB at the source. It's all part of an automatic data conversion process, so the data all exists for relatively short periods of time in the long run.
Unfortunately, while information about the various options for tuning the garbage collector is available, it seems largely an experimental process and the lower level specifics needed to understand how to handle these specific situations are not easily obtained.
All of that being said, even though I am using System.gc(), I still continued to tune using command line parameters and managed to improve the overall processing time of my application by a relatively significant amount, despite being unable to get over the stumbling block posed by working with the larger blocks of data. That being said, System.gc() is a tool....a very unreliable tool, and if you are not careful with how you use it, you will wish that it didn't work more often than not.