I know that you asked about the effect of verbose: gc (Amir is correct), but based on the comments that, as I see it, you are investigating a memory leak.
Is it possible to get a histogram of your environment? A detailed GC will show you that there is a memory leak, not where the memory sits.
You mentioned java 1.4.2, is this your current version? If you use 1.5 or higher, you can use
jmap -histo <pid> > file.txt
This will give you a breakdown of all the objects in memory. You freeze your JVM for a time depending on the amount of memory in the system. (2 GB can freeze for a minute or so even on good hardware) first check this on the development system. I know that you do not want to influence your work environment, but it is a necessary evil to find the source of the problem. Take a grip right before a periodic restart to trim your impact.
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