Two things here.
1) It’s interesting that Apple refuses to state anywhere how much RAM is included in the iPhone (or iPad). Seriously, look at the tech specs page, it’s nowhere.
I agree that these specifics matter less and less to most consumers (especially of these types of devices) and can be misleading.
Also, I asked Apple specifically about the iPhone 4 RAM at WWDC and two different employees refused to say.
2) This is twice the RAM of the iPhone 3GS, but more significantly, also twice the RAM of the iPad.