I can make little sense of that post... Are you saying that the memory is not released until the application process is completely terminated? If so, then can that memory also become 'inactive' or cached in case the app is launched again, while still available for other processes to use it if required?
Both MacRumors and Apple support have pages explaining types of RAM and how the activity monitor breaks down its system memory statistics.
apple support quote:
Page outs occur when your Mac has to write information from RAM to the hard drive (because RAM is full). Adding more RAM may reduce page outs.
My question is, if you have a combined total of both inactive and free memory (5.49GB) available, Why is your system writing to the swap file?
Could this be an inaccurate activity monitor and not Chrome perhaps?
Just to see what would happen, i launched over 50 apps, a couple of games and converted some music in garage band all at once. even after doing all this i still had over 3GB 'free' ram with 0 bytes of page outs, 0 bytes of swap used...
Again, as per my first post, educate me. I am not making any claims that i know the answer to your post, But if my observation is legitimate, Then it may be linked to your problem some how?