First, are you sure that your application actually uses 40 MB of RAM on older devices? I found (using the Memory Monitor tool) that the same application uses less RAM on my iPhone 3G than on my iPhone 4 or iPad. The last two devices have more pixels in their interfaces, so my application takes up more memory when working on them.
If so, find out if you can optimize memory usage to get it in a safe (<30 MB) range for older hardware. If you can do this, I think you will see improved performance in your application even on newer hardware.
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