I've observed similar behavior in an Apple example app and a game I am working on. In the game, the behavior is eventually causing the app to crash due to running out of memory. The example app is Touches.
At any point when touches are being tracked, which is when you're moving one of the objects around in Touches, and pretty much any time a touch is down in my game, memory usage goes up steadily, for as long as you continue moving the touch around. Once the touch sequence completes, the memory usage does not go back down. I've gotten Touches, which starts off using less than half a meg, up to about 4MB net allocations with a few minutes playing around. That memory is never deallocated.
So my question is: why does this memory never get deallocated? Am I fundamentally misunderstanding something? Is this a framework flaw? I've read some about issues with the accelerometer and touches leaking, but I'm not using the accelerometer at all in this game.