Okay, so on reading through that it looks like the answer to my question is "it depends":

* On-disk, the layered approach always saves space, as expected

* In memory, it depends on which storage backend you use: apparently btrfs can't share page cache entries between containers, while aufs/overlayfs/zfs can - I'm not sure if this is due to btrfs or docker's btrfs backend.

From looking at the relevant sources, it looks like (but I could be wrong if I looked in the wrong places) both exec() and dlopen() end up mmap-ing the executable/libraries into the calling process's address space, which should mean they just reuse the page cache entries.

So, if I understand correctly, as long as you pick a filesystem which shares page cache entries between containers, then you do indeed only end up with one copy of (the read-only sections of) executables/libraries in memory, no matter how many containers are running them at once. That's good to know!