There are two ways you can keep track of how much memory you have available:
fscommand2("GetFreePlayerMemory") returns the amount of heap memory, in kilobytes, currently available to Flash Litefscommand2("GetTotalPlayerMemory") returns the total amount of heap memory, in kilobytes, allocated to Flash Lite.
Note that some of the device manufacturers do not support the above commands. You just have to try the command to find out!
Adobe Device Central CS3 makes it very convenient to track and display the memory available to the application at any instance of time. It also provides the static and dynamic heap memory that is initially set by the manufacturer for certain devices.

Figure 1. The Adobe Device Central memory tracking feature