I've been testing SQL Server 2008R2 Express to see if it is limited to 1GB of RAM and 1 CPU.
It certainly seems to be using more than one CPU, as I see spikes on all 4 CPUs in Task Manager when I run a big query. I've selected * from all the tables in the database I have, and it got it to use 1.4GB RAM when looking at the Total Server Memory in perfmon (I gather this is the correct stat to look at). This is showing as 1.5GB Mem Usage on Task Manager (which I gather isn't reliable).
However, it does not seem to want to go any further than 1,441,792KB. This seems odd, so I am not convinced either way.
Anyone have any knowledge of why this might happen and whether the limits are actually enforced?