It seems that we should rely more on Instruments' "Memory Monitor" (by looking at the app's "Real Memory" number), rather than "Allocations" to tell an app's real memory usage, as discussed in this question.
But for Allocations, we can pause Instruments, and then click on the time-scale bar to get an up-side-down triangle, and drag it to see the highest number of "Live bytes" to tell the peak allocation size -- how about for Memory Monitor, is there a way to also graph the app we are looking at, and be able to tell what the peak memory usage was?