So you only need to load duplicated code for each different statically linked program. If there are many processes running the same program, they will all share the same physical pages for the code. So for example, having 100s of "bash" instances running does not use that much memory.

You can see this by running "pmap <pid> -XX" (the output is very wide- probably load it into an editor). Look at the shared vs. private pages.

Also: There is another way to automatically share pages between different programs: de-duplication. This would require common libraries to be statically linked on page boundaries. The OS would quickly de-duplicate during loading by hashing the pages. VMs use this technique to increase effective memory when there are many guest OS running.