Hi Kieron,
With how we plan to ship Thumby, the MicroPython interpreter will eat plenty of RAM as well as possibly some minimal assets leftover in memory from the main menu, however the menu essentially runs and then completely exits to the game(power off/soft reset to get back to the menu, for now). I don't currently have a number for what's used- I've read things like 16-32KB for the interpreter. Let me know if you need a better answer.
I'll admit that during development of our little game examples, we haven't worried about memory, it's a lot more than we're used to!
Thanks,
Ben