That's brilliant! Looking at other threads, it's very confusing how much memory you ACTUALLY have (since some of these threads go back to the CORE). There is however an official link that points to the memory output from the Web IDE and this claims that the Photon has:
110592 bytes for program
20480 bytes for RAM
In my case it should mean that since I get this output from compile:
text data bss dec hex filename
107468 2124 12484 122076 1dcdc /workspace/target/workspace.elf
The text & data columns adds up to the amount of Flash used (out of 110592 available):
107468 + 2124 = 109592 (99% Flash used)
The data + bss columns adds up to the amount of RAM used (out of 20480 available):
2124 + 12484 = 14608 (71% RAM used)
That would explain some interesting behavior in my app this week? 
Time to start using that extra 1Mb of storage in the P1 modules!