Leaning on this: http://electronics.stackexchange.com/questions/127667/what-are-the-resource-requirements-ram-flash-of-the-latest-nordic-bluetooth-s
I learned the following:
The latest S110 v7 softdevice uses 88 kB flash and 8 kB of static RAM for S110 leaving 168 kB of flash and 8 kB of RAM for the application (for the 256k chip). Also note that S110 v7 can use over 1.5 kB of stack, so you must make sure that your stack is big enough to accomodate both this and your application’s requirement.
Lastly, when you use the S110, it also restricts many of the Programmable Peripheral Interconnect (PPI) channels, leaving on 8 channels free for the application code. This restricts how you implemet peripherals such as PWM and I2C.
*This does not account for stack, or heap. The BLE call stack can need 1.5K by itself which could drive our RAM footprint up to 16KB, which is all we have on the current module.