Otherwise... no way, if you have data structures everything is fragmented around (and you want to use a lot object sharing, caching, ... for performance, without to mention hash tables that are very cool at filling at least 1 byte of tons of pages even with 2% of data inside).
Also data structures can often be serialized on disk using 1/10 of the space.
Using the VM is cool, but not so generally applicable. The proxy stuff is perfect. Also on-disk DB is perfect using the VM the other way around, to get a memory-cache for free, if you don't need strict consistency (see MongoDB).