Moto Droid's memory should not be using power to retain data. It's using flash memory which is a non-volatile memory that will not wipe data when there is no power. I would expect that's the natural choice for PDAs and phones like this that depend on long battery charge life.
You're describing something that is sound in theory, but I don't think it works that way in reality. Assuming that the RAM on the Droid is flash, then for a program in memory to behave the way you're proposing, the little piece of memory it occupies would have to be on a memory unit dedicated to that program. That's the only way the memory it is occupying could be powered off to save power when the program is idle. I think the reality is that the memory module in the Droid is shared by all programs. Therefore, our idle program is consuming power by simply being resident in memory. Furthermore, the memory management function of the OS will consume power managing the memory resources occupied by idle program.
Again, I don't know this is how the Droid works. I'm just talking from knowledge of how computing machines work in general. If the Droid has some new memory technologies, I'd really like to read more about them. So, please share your sources!