It's important that I point out that the Modelview crosshair-style points are probably it's greatest advantage (combined with the fact that those points cull correctly), even over moving, because it's not an educated guess where something is getting placed. The display method in PCS 1 was less useful for that because of how it treated points, among other things.
As for the memory leak, I doubt it's caused by bumping limits but it's certainly exacerbated by them. It also seems to happen more in edit mode, almost like it's not freeing the old chunk (or worse, the model) and just adding another instance to memory when it applies something. I haven't taken any kind of look at the source, of course, so I really don't know.