Sorry that is entirely not true, do NOT shop based on how high the model number and that actually is as bad of a performance benchmark than the RAM. NVidia GeForce 7900 performs much better than say GeForce 8600; burst doesn't know what the model number means, and bigger doesn't mean better (I mean they claim it here in Texas, but i digress).
For graphics card makers, the model numbers represent roughly the same thing (and its still true with nvidia, just with 3 digit numbers now as well as them running 2 different models for the same architecture)
The first digit of the model indicates the generation and thus the architecture of the GPU, so for example 4/500 series cards were Fermi-based, where as 6/700 series is Kepler-based. NVidia split the lower, general computing lines in the lower number series (400ds and 600ds) and the higher power, higher end computing lines being 500 and 700 series respectively for the architectures. Furthermore the developments of the cores and their optimizations makes the dies and internal structures to be updated to allow for higher clock speeds and better performance (through optimization), which is indicated in the second series of numbers. For example it makes sense that the 550 card doesn't perform as well as a 570 card, but at the same time a 480 outperforms a 560 just because of the optimizations in the corresponding gpu/design/spec/driver iteration, and 590 performs on par with a 770.
AMD is roughly the same, just with extra digits and an occasional X2 to watch out for (as does NVidia) for dual GPU cards.
Select the manufacturer based on application/OS/personal preference. From there, the best thing you can do is find and research the hardware you can or are willing to afford, read reviews from reputable sites (tomshardware for example) that are least likely to have a bias, and based on that information, opinions, data, make your own informed decision.