And it is possible to get Puppy in under 12MB RAM and 10 tasks with xorg, JWM, ROX Desktop, DHCP, BASH, and a background picture

. The only other memory consumed is for what ever applications you are running. That on a system that has all of the dynamic libraries that you need, has FireFox installed (I am sure we do
not want FireFox on RPi, now that I attempted to view the RPi page in IceWeasel). The difference is it only has running what it needs at the time. This is also a big part of why I wanted to see Puppy as it is so simple to strip it down to a usable system.
See:
http://murga-linux.com/puppy/viewtopic.php?t=40477
To reach the same level of functionality with the default configuration in Raspbian-Weasy takes approximately 90MB of RAM, and provides 80 loaded tasks, an 8 fold increase, and some "Light Weight" Distros are even worse. At least it appears that Raspbian is
not going to be to difficult to trim down.
After a quick look it appears to be one of the few that follows the rules, so it should mostly be a matter of editing scripts to get it down to usable. Oh well.