Does the iPhone 4 Have 423MB of RAM?

We just ran the MemStatus on the iPhone 4 and found the app reporting the iPhone’s total memory at 423.3MB. We arrived at this number by adding the memory allocated to Wired, Active, Inactive, and Free. Refer to screenshot below. MacRumors had the iPhone 4 sporting 512MB, double its predecessor the 3GS which had 256MB of RAM.

Anyone else seeing this? Could it be a bug that is not catching the entire memory allocation or is the remaining 88MB’s allocated somewhere else.

iphone-4-ram-memory

MemStatus running on iPhone 4/iOS4.