To complement what others have said, I am currently running one instance of Emacs that handles my mail, programming Emacs itself, an org-mode database, my calendar and various notes in unter 160Mb RAM.
Perceived size may be large because the distributed package looks large, but much of it is documentation, large databases of Unicode characters, lisp sources and bytecompiles files, and about 50Mb's of dependencies of which about just 20Mb are loaded. If you stick to the bare distribution with minor upgrades (newer org-mode, some themes) it is very lean and responsive. Cheers, -- Juan José García Ripoll http://juanjose.garciaripoll.com http://quinfog.hbar.es