Daniel, I've done it many times. Using ARC, though, Instruments will not detect retain cycles, for example, which were my problem initially in this project. Any reference to "self", where "self" is an SPSprite where stuff is put on top of it caused huge retain cycles, memory would just explode.
All in all, my memory is well managed. ARC, though, is not super fast and sometimes behaves like a garbage collector. I have a special situation in my code where 3 consecutive scenes have texture atlases sized 4096x4096 pixels for retina iPads. =/ I only keep the current (67MB) and the next (+ 67MB) in memory. However, when going from A-to-B-to-C, I will release A textures, and eventually B textures, but I can tell by the profile that it takes too long for ARC to kick in and while loading D textures in the background of C, the app will crash due to lack of memory.
I've managed to gain some memory by changing how sound is executed/played, and now the app is working on the iPad Mini Retina. In the bigger iPads it works fine.
Cheers!