UPDATE : this has been fixed since Meteor v0.4 (2012). For historical purposes:
I am testing Meteor on a micro EC2 Ubuntu 11.10 (8GiB) instance, and after installing it and logging in, I ran the df command to find out how much memory was used by the main files (about 10%):
 Filesystem 1K-blocks Used Available Use% Mounted on /dev/xvda1 8256952 782068 7055456 10% / udev 295276 4 295272 1% /dev tmpfs 121248 148 121100 1% /run none 5120 0 5120 0% /run/lock none 303112 0 303112 0% /run/shm 
After installing NodeJS and NPM, I ran df again to determine how much more room was occupied, and that didn't look much (extra 2%):
 Filesystem 1K-blocks Used Available Use% Mounted on /dev/xvda1 8256952 919444 6918080 12% / udev 295276 4 295272 1% /dev tmpfs 121248 148 121100 1% /run none 5120 0 5120 0% /run/lock none 303112 0 303112 0% /run/shm 
Then I went about installing MongoDB, and as expected, it took up a lot more memory (59% of the disk space used):
 Filesystem 1K-blocks Used Available Use% Mounted on /dev/xvda1 8256952 4585884 3251640 59% / udev 295276 4 295272 1% /dev tmpfs 121248 148 121100 1% /run none 5120 0 5120 0% /run/lock none 303112 0 303112 0% /run/shm 
However, by installing Meteor, curl install.meteor.com | /bin/sh curl install.meteor.com | /bin/sh creating a myapp sample from my site meteor create myapp and running myapp cd myapp and meteor , I successfully saw an application in the browser displaying "Hello World" (etc.), on the terminal side I saw this:
 [[[[[ ~/myapp ]]]]] Initializing mongo database... this may take a moment. Running on: http: 
After closing the server, I checked df for the last time and was surprised to see the disk completely !?
 Filesystem 1K-blocks Used Available Use% Mounted on /dev/xvda1 8256952 7778748 58776 100% / udev 295276 4 295272 1% /dev tmpfs 121248 148 121100 1% /run none 5120 0 5120 0% /run/lock none 303112 0 303112 0% /run/shm 
My question is: why does Meteor (MongoDB?) Take up ~ 3GiB disk space for a very simple application?
Is there a way to reduce this disk space consumption?
Thanks!