It should release all resources, yes. I was looking into
multi-isolate support in node.js a while ago and I didn't notice any
memory leaks with 5.3 (IIRC, it might also have been 5.1.)
Have you run your application through valgrind? Is it possible it's
memory fragmentation instead of a memory leak?
If you have multiple isolates making interleaved allocations, it's
possible the address space fragments too much for a new isolate to
reserve a sufficiently large chunk, even if some of the older isolates
have been disposed of.
That's normally only a problem with 32 bits builds although 64 bits
Solaris/Illumos can be pretty terrible too.