Hm, that might be inappropriate for a real memory usage estimation. But I don't have an easy alternative that is 100% correct.
I suggest that you run "top" on the command line while executing the app. Maybe "top -m 10" for less uninteresting output.
The values reported will still be too high, but "RSS" can give you at least an idea of how much memory is needed. Unfortunately, shared libraries are also included, so this value is always higher. Also, a complete Dalvik VM including all preloaded classes is included - I don't know how much memory that populates by default.
On my device (with a game data package ~ 400MByte) the "RSS" value is always ~ 150 MB. The majority of that is probably graphics memory (I use the "pixelperfect" rendering option that about doubles graphics memory). While I play the game, the memory figures do not continuously increase, thus I'd assume that this is about it.
You can compare it to the other apps that run on your phone. Many of them will also reach an "RSS" of > 100MB, thus I don't see wmelite for Android being that special. Yes, pure native programs (android system specific daemons) consume less memory - but that's not something you can use for your app (and you should not compare it to these).
I haven't compared memory consumption to the Windows wmelite w.r.t. memory, and neither did I compare wmelite to the original wme on Windows. Might be an interesting comparison...