Using NB 5/Profiler 5/JDK5 on WinXP.  This sample program from Stefan Michaelis
shows the problem:

public class Main {
     /** Creates a new instance of Main */
   public Main() {
       int[][] bla2 = new int[20000][100];
       int[] bla1 = new int[2000000];
             while (true){
           synchronized(this){
           try{
               wait(1000);
           }catch(InterruptedException ie){}
           }
       }
   }

   public static void main(String[] args) {
       new Main();
         } } 

----

When doing memory profiling, bla2 never shows up in the Live Results window. 
The heap usage shown by the telemetry graph is correct, however.