I've noticed in leopard that if I run an application, and it uses up say 1000mb of memory, and then I close that application, the memory doesn't free up - still shows as allocated.
As an aside to this the memory will not be released as Free memory in general. The system manages the memory and if there is space to keep the recently used application data in the ram it will do. This will help with launch times etc. if you decide to relaunch the application.