Currently this machine has been up for 3 days and 17 hours and Firefox has been running the whole time and it is using 303MB with 4 tabs open one of which is the Daily Mail (don't judge!) which is an extremely busy page. This is perfectly acceptable in my opinion. I only have 4GB RAM which by todays standards in not much either. Obviously reducing the memory footprint is great but I can't say it has ever been a problem I have ever noticed.
On a side note the past few updates to Firefox have improved performance a lot. I am really impressed by how much quicker the browser is, especially with Chrome seeming to just get slower and slower with each update.