JFTR: Current version of live-initramfs provides a check for available RAM and 
fails to boot instead of freezing. Continuing booting when it fails doesn't 
seem to be an option with current design of live-initramfs, this should be 
solved by redesign of live-initramfs 2.x though.

I like the idea to display information about required RAM size in the 
bootsplash though, therefore assigning the issue to myself.