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I came across a very nice utility that can reclaim the wasted RAM memory due to memory leaks or applications not releasing it once closed. This can eliminate the need to soft-reset your device frequently.
The application is called CleanRAM and can be found at http://www.htcaddicts.com/?id=110. It is donation ware so if you like it please consider donating to its creator.
You can also find some information about it on PPCGeeks: http://forum.ppcgeeks.com/showthread.php?t=59447
Here is a description taken from its official website:
Summary:
Release memory for Windows Mobile devices.
Amazing utility which helps you to clean up the wasted RAM memory without having to restart the device and eventually saves a lot of time.
Description:
cleanRAM is a very useful tool for Windows Mobile devices.
cleanRAM lets you with a single click release part of the RAM on your PDA and accelerating in this way.
cleanRAM is a memory reclaimer similar to Oxios but with advanced settings and actually works! great solution for the Windows Mobile memory leak problem.
cleanRAM attempts to release as much memory as possible, cleanRAM will refresh your device memory (RAM).
cleanRAM can save you a lot of SOFT RESET!
Features:
+ There are 3 levels of cleaning + personally customized processes list.
+ Settings:
- Define all cleanRAM behavior.
- Hibernate for old devices.
- Close all applications - force closing all applications.
- Launch startup programs after cleaning ended.
- Clear recent start menu items.
- And more...
+ Multilanguage supported with option to add new language.
+ Customized Processes List - custom level that help you to define the process(es) you wish to clean.
+ Schedule - automatically clean up by schedule (time/date and more options...), get clean-up event at a specific time! extra settings:
- Notify you before cleanup starting.
- Wake up device before cleanup.
+ Exceptions List - add to exceptions list: program(s) / process(es) and also you can select "startup shortcuts" that you want to skip/ignore.
+ Backup / Restore - backup all your cleanRAM settings into INI file. You can also select and load default settings from recommended settings reservoir list.
+ Update Service - update cleanRAM to latest version directly from the cleanRAM. configuration (this feature using internet connection). also you can reinstall your last version.
Some screenshots from the official website:


See it in action in the following video:
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