The One X had 1 GB ram, and when launched, only 680 MB was available to the user - less than a 3vo. The custom rom community fixed that first, and then later, so did they, so that 770 MB was available (and that's fair enough, the phone system and the chips needing graphics memory and memory-mapped i/o ports are going to eat into that by design).
And that still wasn't enough.
We already know Jellybean's memory footprint, so it's down to chips requiring memory, Sense 5 (and Blinkfeed and Gallery and camera features - those are going to take ram for sure).
If it can't multitask on a quad core and 2 GB of ram like it's nobody's business and a walk in the park, then it's going to be doing something fundamentally wrong.
Hunts managed to squeeze 8 great tomatoes into a little bitty can - but they didn't go for 10.
At some point the eye candy has to stop taking away from fundamental smartphone uses - if this fails in that regard, then it's going to be an appliance, not a smartphone.
There just seems to be too much thought going into the design for that to have happened.
However - we'll see.