Just looked back at some of my old AC:U screenshots that I was able to find links for, and I noticed that most of them show memory usage hovering around ~3.5GB. Then, there is this shot from inside one of the churches, and I specifically remember getting horrible frame drops/stuttering right here:
Note it is using 3.8 GB there. I had always assumed it was some weird engine bug, but I guess it makes sense now. Point is, I play at 1440p and am already experiencing situations that take it above 3.5GB, and I'm suffering for it.
I realize a single screenshot and an anecdote is hardly conclusive evidence...but I just figured I'd throw it out there.