I have to be honest… I do not know the answer…
I have worked with most of the FEZ boards, and have never had an application memory issue. If I ever have a problem, I will find the answer.
It is really hard to run out of flash memory, where the applications reside.
For now, don’t worry… As you get more familiar with the micro framework, you will be able to read the information displayed during the upload process. The information is there.
BTW: The 148K flash number is the amount of flash that is available for the user. There is a lot more which is used for the .NET stuff.