The best way to find out is to run the application under Instruments using Leaks or Object Alloc. If you see an upward trend that keeps rising, you might have a leak.
If you're using [UIImage imageNamed:], you should be aware that it pre-caches an optimized version which takes up more memory when compared with [UIImage imageWithContentsOfFile:]. Additionally, until iPhone 3.0, the cache created by [UIImage imageNamed:] doesn't get released when there's a memory warning.
The current-gen iPhone only has 128MB of ram, some of which is used by the OS itself. A 320x480 image fully uncompressed with an alpha channel can take 614k. If you have 400 unique images that are full screen, that's well over 128MB of ram, assuming it is loaded up and cached uncompressed.