I'm playing SE4 on a Win98SE machine with an HP OpenView MeasureWare agent. I've got some detailed examination records of memory use and have seen very little "leaks" so far. I'll post the actual numbers when I run the report this afternoon.
I also have seen the Out of Memory error message running SE IV under Windows 2000. My machine has 192 MB. Likewise, I have not seen the out of memory error when I play it on my 98 SE machine.
This bug doesn't seem to effect everyone, so I don't know. All I know is I had seIV using like 900mb of physical and virtual memory before it ran out It happens really quickly when I use a lot of fighers...less fighters used in the game, the slower the leak. (for me anyways)