So an exponential memory requirement implies that the theoretical time is not polynomial after all? I'm not sure.
It seems possible that I would need to have exponential memory but not necessarily to access it.
Is it true to say that memory not-accessed is not-needed? It's believable but not immediately obvious to me, and if it's false then there's no two-way implication.
Edit: apparently NP is a subset of PSPACE, so fair enough.