What if you have already put 40 hours into one character, then begin a new one, will the system still recognise the memory you've used on the other character?
I started a new character and none of my old characters were deleted. Are you relying on autosaves only?
My other character was over 40 hours in with a 12 MB save. Everything seemed to work fine on my other char, though admittedly I did only go through the intro, run to that small town before whiterun (forget it's name), buy some stuff, run a quick quest, then run to whiterun to attack the guards (maybe an hour of playing altogether).
But on my other save, a whole town fighting me would have instantly gone to slideshow mode, and I would have been experiencing small framerate issues even in the wilderness within 15-20 minutes.