Guys, use "top" to see how much memory a given process takes. It'll display process-specific data, NOT cumulative, unlike, say, SBSettings.
An example screenshot, where I've annotated the most memory-hungry processes (AppStore, ooTunes etc.)
http://www.flickr.com/photos/33448355@N07/8937550850/sizes/o/in/photostream/
Note that I don't know of a way of ordering by mem usage, unlike by CPU usage (top -u). The list at http://linux.about.com/od/commands/l/blcmdl1_top.htm is pretty much useless on iOS.
Or just connect it to your computer, run Instruments and look at it there...