Really? But the whole idea behind the space/time trade-off is that in a bunch of cases, if you want to compute something in less memory, you need to solve it in more steps; or if you want to solve something in fewer steps, you need to use more memory.

This seems to wildly contradict the idea that the amount of memory needed is roughly proportional to the number of steps.

I'm not convinced of that if they thought that s=O(t/log(t)) where s=space (bytes or similar) and t=time (clocks, steps, etc.) I dunno about theoretical limits but in practice, there's at least 1-2 orders of magnitude to be exchanged between space and processing time.