The raspberry pi has 256/512/1024 MB of RAM. That RAM is split between your CPU und the graphics chip. So a 128/128 split on a rpiA means that 128 mb of your RAM are reserved for your graphics chip. Some applications need a minimum amount of ram reservered for your cpu/gpu.
What you should use depends on what you want to do with your pi. In Retropie you normally don’t need a 50/50 split on a rpi2. The biggest consumer for your gpu is emulationstation which needs atleast 256 mb of gpu-ram. Most emulators are more cpu heavy than gpu heavy, so having more ram for your cpu is good. The default mem-split set in the retroarch setup script is 384 mb for your gpu, which is plenty enough.