While running 7.0.2 and 7656, application slow and keeps popping up "Could not save application settings: Java heap space" dialogs (attached). Only seems to be on one project this happens (same project for both builds). Over application is sluggish on this project as well. Have increased default memory from 192 to 256M in vmoptions to no avail. Difficult to work with popup coming frequently in the middle of typing.
Sluggishness got progressively worse. Eventually tried to close IDEA, would not respond. Had to kill the process.
It seems what is happening is that IDEA is leaking memory like a sieve. After killing the process, I restarted IDEA fresh and reopened the project. The memory indicator steadily climbs upwards Mb by Mb until I force a manual GC. Rinse, lather, repeat.
Deleted the system caches directory in case of corruption there, but this did not help.