I just received my iPhone 4 and Activity Monitor Touch and SYSTEM lite only show 247 MB of hardware memory. But the iPhone 4 is supposed to have 512 MB (of which 503 MB are actually available). I checked with a function of my own (derived from here), too, and it also just shows 256 MB of RAM. I'm running iOS 4.1. I don't believe this is a readout bug as other iPhone 4 owners told me they are shown 503 MB in those apps.
Can anyone confirm this on his own iPhone 4? What should I do? Contact Apple and ask for a replacement device? Or just return the device and buy a new one?