It depends on the programs (streaming data needs little memory and no DCache for example) and sometimes 68k "data" is smaller also because of less alignment restrictions. Code density is more important to processor performance where the 68k can have 40%-50% more code in the ICache and to bandwidths which allow code to be transferred 40%-50% faster.
It doesnt really matter when my PPC is still much faster at executing code (68k or PPC) than a real 68060.
DCaches are rarely larger than ICaches despite some programs using much more data. Memory is cheap now days but even tens of MBs are important to the AmigaOS where 64 bit pointers will break compatibility.
With 68k code you dont save tens of MBs. You could port the latest OWB to 68k and it still would not run well with 128 MB. 68060 is still too slow to run the latest webkit engine, 128 MB is still too little to run the latest webkit engine.
Code density is important enough that most modern 32 bit mobile and embedded devices use ARM with Thumb 2 or Android's Dalvik byte code which have good but inferior code density to the 68k. IMO, it makes sense for the Amiga to leverage all the advantages of compatibility and a small footprint with the 68k using 32 bit for the low end.
But the small footprint is just due to lack of features. Lack of Unicode support, no built-in USB stack, rudimentary GUI toolkit (unless you install MUI but then it is not small footprint anymore), lack of text antialiasing and truetype font support, simple 4 colour icons (versus true color PNG icons) i.e. it is stuck in 90s.
The high end could break compatibility converting to 64 bit pointers while adding SMP and using a sandbox for AmigaOS 3 and 4 compatibility but I don't think there is enough market for it currently and especially with the price/performance and future prospects of PPC. The same technology used to make an enhanced 68k CPU (and learn from it) could be used to make a new 68k like 64 bit SuperCISC ISA and CPU design (if necessary) which is better than x86_64 (an average ISA at best while the CISC advantages giving the most powerful consumer processors in the world are continuously overlooked). It would require some investment but at least the Amiga could control its destiny, standardize and innovate instead of being dependent on the last small customer PPC manufacturer and aging embedded designs.
I dont see point in new super 68k but I get your idea. The PPC is obviously stuck in year 2005 forever.