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Originally Posted by Radiosity
Opera can use a fair amount of RAM like any browser if you've got dozens of tabs open, but it doesn't have memory leak issues like FF.
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That's not entirely correct. On some systems it uses less memory than Firefox, but on other systems it can use more than Firefox. (Though I've never seen it use an unreasonable amount.)
Opera scales its RAM usage to take advantage of the unused RAM on your system. When a system has scarce RAM, Opera tries to use as little as possible. However, since most systems have lots to spare, Opera will use that RAM in order to speed up the browsing speed by caching more information. The philosophy is that unused RAM is a wasted resource.
In other words, Opera will run slower on less RAM and faster on more RAM. Rely on it to scale back its usage when other programs need more memory.