Arima
You can see memory warning in the xcode as well when you build the app and you are connected to the device.
We had different problems with the last game Turmoil Deluxe. The only fix was to redraw the art smaller etc. sound is a nightmare i can tell you that.
Nathan
I think thats possible with JSON and a extension from CocoonJs
And other solution would be to write files into temp or documents folder of the device and load it