There is an official mozilla project called "electrolysis" which is about rebuilding FF so that every tab runs in a single process. The idea and goals are described here:
http://blog.mozilla.org/products/2011/07/15/goals-for-multi-process-firefox/
To rebuild FF like that is a huge effort, because so much has to be changed fundamentally. Mozilla had some other ideas, to improve Firefox's response times more easily. Thats why the electrolysis project has been freezed.
http://lawrencemandel.com/2011/11/15/update-on-multi-process-firefox-electrolysis-development/
I think current FF versions already include some of those other improvements. Don't know if they are complete. AFAIK the electrolysis project is still freezed.
click_to_play may be an alternative to noscript: http://www.h-online.com/open/news/item/Firefox-14-introduces-HTTPS-search-by-default-Update-1644075.html
And this is about current improvements in FF's memory mamagement for plugins and sandboxes: http://www.h-online.com/open/news/item/Firefox-15-reduces-memory-consumption-1649125.html
P.S.: I would like to add that IMHO starting many processes will consume much memory. Sometimes there are ways to reduce this consumption, but they are not always applicable. I don't know about the total memory consumption, but Chromium does at least consume much more swap space than Firefox on my Linux system.