So I took the approach of deinstalling 1.5 thru the Control Panel, then installing 2.0. Please note this is after I already had 2.0 on my box, took it off, and put 1.5 back on because 2.0 just killed my system. (using VS 2003)
I also wiped out the folders found at this location:
C:\Documents and Settings\<user>\Application Data\JetBrains\
Now in VS status bar, the memory usage # that used to appear no longer shows up. Is there a configuration option somewhere to turn this off/on? Maybe a registry key or something? There's gotta be a way to get that turned back on..