It does exist. I'm actually a 1.x registered user, so it comes in my serial updates (people love to take my address and use it in the serial mailer for some reason). If you're a registered user, that's how to get it. If not, I don't think Stardock are distributing shareware versions of it considering *

.3 is out.
I suspect it doesn't actually use less memory - it just means that the (greater) memory usage is spread around the apps, rather than in the loader process (global bitmaps and all that). And if it did, that would be because it does a lot less, a lot slower. And I remember 1.3, and I don't remember it being more stable.