Well, why don't you run some tests and see. I know that Parallels/VMware will automatically allocate the RAM that the environment needs and won't give it back. So if you are using say 512MB for your Win98 virtual machine, that 512 is taken regardless of what is running in it. I beleive that CrossOver takes and releases only what it needs memorywise.
I keep the Pref Pane "Menu Meters" running all the time on my machine with the CPU use displayed so I can see what is using what. But you could just open up the Activity Monitor as well to see what is doing what, both for RAM and CPU.
When I get back from lunch I might try VMWare vs CrossOver with an app I have installed in both to see what results I get.
Ok... Doing some tests now. CrossOver very obviously uses a much smaller footprint than a VM would from what I can see.
It does use a good chunk of CPU and such when it's launching apps but once it settles it's pretty small over all.
I am using MS Office 97 components for my test. I checked RAM and CPU use before, after launching CrossOver and then after launching MS Excel and MS Word and for the most part I have most of my resources still available to me. My CPU meters never spike over 10% on both cores after the 2 apps are running except as I switch between windows and such. (I've also got Safari, Skitch, and some background tasks running). Overall the computer is just as responsive as it was without CrossOver and the apps running.
Sadly, Safari is eating up more memory than CrossOver does :D
With VMWare and Parallels, I lose almost total control of the computer while it launches and restores the current VM, esp with XP. And it's using up almost a GB of RAM between its misc apps and the OS inside itself. I have 512MB inside of my VMs for 98 and XP and both have similar usage on the Mac. They gobble up well over a GB of RAM and tend to use my processors at 10-80% depending on what I am doing in them. This doesn't include the fact that from launch to opening of the OS and then running apps, it takes 3-4 minutes before I can use the VM at all. VS CrossOver which is usable in about 30 seconds.