I believe that the RAM is 512mb. On a Windows or Mac, that would be insufficient. But again, because the Android OS and the applications have a pretty minimal footprint, it is quite sufficient. On a task like video encoding or editing, the CPU and graphics limit what the device can do much more than the RAM.
The only thing that I could see possibly needing to "upgrade" with respect to storage is re-partitioning the internal SD card (or whatever it is) so that more of the 4gb is available for installing apps (since it just makes sense to keep all our your PDFs and other media on the supplemental SDHC). But you'd have to install a LOT of apps before approaching the ~750mb or so that is available. But as Boris says, repartitioning in Linux can be a major headache (particularly on a proprietary device such as the eDGe). If I had designed it, I would have just made 2gb of the internal SD available for user files and dedicated a full 2gb to the OS and apps... although had they done that, I'm sure some people would have been complaining about that being overpartitioned.