I'm not sure that's the whole story - specs read:
Memory: 16 KB Instruction Cache, 16 KB Data Scratchpad
I'm wondering if it's possible to combine that or dice it in some way? On top of that, the program resides in SPI flash (128 Mbit -> 16 meg).
EDIT: ok - the above makes no sense, so yes, on 16K on-board RAM (and the other is for cache).
Short of more info, I'd be willing to bet that some of that flash can be set aside (or used like) variable space (albeit at a slower speed), and the on-board memory is more for high-speed stuff (and you'd have to swap things in/out - though likely they'll have a library for all of that - maybe).
If all of that is true (or close to the truth) - well, I don't know if it would be better than the propeller or whatnot, but it certainly looks interesting...
EDIT:
Reading the infosheet on the processor:
https://dev.sifive.com/documentation/freedom-e310g-0000-manu...
It does seem like the flash can be used for data and program space - and it appears like it can be read/written to from the cpu - so it's kinda like the flash storage on the Arduino. I would imagine it can be used similar - although slower - as variable memory (given a proper lib); and "paged" into the faster on-board 16k RAM.