I really don't think it matters all that much.
Making your code less readable in order to improve memory consumption is something you should only ever do if you need it. And by need, I mean have a specific case for the performance profile and specific metrics that indicate that any change will address the issue.
If you have an application where memory is going to be the limiting factor, then Ruby may not be the best choice. That said, I have found that my Rails apps generally consume about 40-60mb of RAM per Mongrel instance. In the scheme of things, this isn't very much.
You might be able to run your application on the JVM with JRuby - the Ruby VM is currently not as advanced as the JVM for memory management and garbage collection. The 1.9 release is adding many improvements and there are alternative VM's under development as well.