There's a new setting that has something to do with purging memory. Can anyone offer a good explanation of it and when we might want to enable it?
Not 100% sure, but see this: Allow Purging of Assets? - CyanogenMod Forum
yes, it is a great way to increase the amount of free memory the phone has. i would highly recommend it especially for the droid with low memory. we have been having memory problems and this feature really helped.