Let me add to the Droid 1 owners who's beloved phone has been hanging by a thread for the last few months. I, too, am pretty sure it's due to low memory. My home screen regularly takes a good 20 to 30 seconds to refresh. My update will be available on July 7th and I'm not totally sold on either the Thunderbolt or the Charge. Come on Bionic, I need you!!!
Yeah, it's gotten progressively worse with Froyo and then GB. They've obviously done something to the memory management that is too much for the limited memory in the D1, unless maybe you run a stripped down home theme.
The overclocking does wonders. So does the lock home in memory (I set mine to 0, and redraws are pretty much gone but it sometimes takes a long time to return to the homescreen). Unfortunately, the tradeoff is I seem to have some services constantly being killed an restarting, which is a problem with my corp email.
but I've only got 3 months until my upgrade so I'm going to hold out. I'm using my tablet a lot more, so pretty much all my phone is for is email, calls and google nav, the occasional surfing. I really should strip the thing down to get satisfactory performance given how my usage has changed.