In this context, I think we are talking about the effective but abominably named Ecomstation 1.0 which is, more or less, OS/2 5.0. It actually comprises an oddball mix of IBM's OS/2 4.5 code under IBM licence, a couple of service patches to that, a large miscellany of third-party add-ons, drivers, and customisations (all integrated and dovetailed neatly in so that you just install the whole damn thing in one hit), and Serenity Software's own "managed client pack" which is a very nifty way to organise the roll-out of any number of seperate and different but related installatons of OS, drivers, desktop look and feel, and applications with a minimum of effort.
I confess, I haven't bothered to take a few hours to learn to use the managed client part properly (I'm mouse-challenged, remember, much better with command lines) because with only one ECS system to set up, it's easier, or at least more brainless, for me to just install the OS, add drivers, load apps, and customise the look and feel in the old-fashioned way. If I had to do three or four systems, I'd go that way in a flash. It's their managed client app that makes it possible for them to install all those seamless enhancements by default, and lets you pick and choose exactly which ones you want and don't want.
So, in short, I guess it's reasonable to regard ECS 1.0 as OS/2 5.0.
Memory management with OS/2 family products is something I ought to know all about, seeing as I have been using OS/2 as my primary OS since version 2.1, which was 1992, if my memory is not playing tricks on me. In reality, I know almost nothing at all about it, as it is practically impossible to need to know anything about it. It just works. By default, OS/2 gives you a vast amount of memory to work with and uses the swap file to provide more if needed without the user ever having to bother with it. You can download all sorts of nifty memory watchdog software (come to think of it, even the old 2.1 had these functions right out of the box if you dug down into the menu structure) but I never bother . I don't need to know how much free RAM I have, because there is always enough.
Is the memory management code shared with Windows NT? Some of it probably is, but not all, as it's quite difficult to run out of memory on NT or Win2K but bloody near impossible to run out with OS/2. So something must be different. When NT 3.1 first came out, I regarded it as a sort of poor man's OS/2. Nothing in the eight years or so since then, or in the various new incarnations of NT renamed to something sexy, has made me change my mind about that.