Current SMS status of my phone:

Inbox: 125 messages

Outbox: 14 messages

Templates: 20 messages

It's just warned me that it doesn't have much more space left for messages, which seems to me a far better idea than telling me when it doesn't have enough memory to recieve an incoming message, like my old 7110 did.

I guess Nokia have realised that it really doesn't take much space to store an SMS message, and that memory is cheap, so they can easily afford to make phones that store more than 10 messages.