Not at all. Have you heard complaints from iPad users running out of memory?
Actually yes, yes, 1000 times yes.
Have you tried browsing in Safari on the iPad? Unlike the iPhone, where you can keep about 4+ tabs open at the same time without the device flushing the contents of previous pages, the iPad only gives you one -- maybe two if you've loaded a text-heavy page -- before previous tabs get flushed and you have to reload.
This leads to losing your place, re-reloading pages you've just loaded, and actual content destruction if you are leaving a comment (such as this) and go to another page to check something, etc.
It is, in fact, the only complaint I really have about the iPad.
If the new iPhone operates in this same manner, it's going to be a big step back for the current iPhone browsing experience. Maybe there will be an implementation that makes everything work, but considering the iPad issue and the fact that multi-tasking is coming with 4.0, 256MB is disappointing.