Honestly, this isn't a big deal in my opinion. The iPhone is running some hardcore 3D apps/games but only has 256mb. Even so, Android apps/games don't even max out 256. The N1 isn't having any problems with ~200mb allocated to the user and the DROID has 230mb allocated to the user. No problems... yet.
There is currently no support for running apps off the SD with unrooted phones. Rubin mentioned that they're working on a native Apps2SD functionality which encrypts apps to the SD, protecting developers from piracy. When that happens, we'll have the full use of our SD cards for app storage. But that's not the same as RAM memory.
On the RAM front, there are ramhacks which free up some RAM, but at the end of the day, touting how much free RAM is just saying to everyone how much RAM you're wasting. RAM should be used, not sitting around. When you've run out of RAM, then it's a cause for concern. But none of the current crop of phones are doing that...