120 MB, that's really good actually! I just took a look at mine, it's currently using 360 MB (with a list of 67 download links, 2 of them active).
I still love the application though. I've stopped caring about excess memory usage, at least since Firefox, which regularly goes into the 2-3 GB range for me with only some 20-30 tabs open. Now that's excessive! Sometimes it crashes because it reaches the memory limit for 32-bit applications (somewhere around 3.5 GB in an x64 Windows).