@Sam - 512MB is more than enough for the phone when you see that on booting up, around 200MB Ram is free apart from the 128MB specifically dedicated to the GPU (which is used in games),
Only games will need large amounts of free RAM and this much should be enough IMO. Also, this phone has a 800x480 res, so it will use lesser RAM than the qHD display phones when running apps/games.
IIRC, HTC provides more ram since Sense UI takes up a LOT of ram (one of the reasons).
Look at the iPod Touch 4G, it runs graphically intense games easily with only 256MB RAM.
I think its street price will fall down ~ 27k judging by the recent pricing of the Nexus S and Incredible S.
SW is a whole different story. Judging by the user opinions, LG did drop the ball on this however there has been a pretty good dev response so far (especially from paul of Modaco). If LG releases a proper kernel source of the P990 then developing ROM's would be much easier. Lets hope the imminent Gingerbread update fixes the problems in the SW.
IMO its a better and more VFM phone than the Xperia Arc (instead of which i'd rather buy the Nexus S/Incredible S personally)