Hi there,
I do have a lg-47lb650v and got this update 05.00.04 biggest mistake of my life when I press the update button.
I get the same out of memory error like you guys every few min and btw I'm not using any app ..just HDMI1 where my raspberry pi is connected and still getting the error and the input is restarting!
I have seen this error some time ago(with the older versions too) when watching movies over UPNP or by using some apps, that was the time when I said "ok, I'll not use the smart part of this TV again!", just using it as simple monitor for my rpi (with OSMC, perfect!) and my nexus player..
If there would be a possibility to disable the crappy smart function of my TV I would do it yesterday!!
Second biggest mistake was to buy a LG TV, this will never happen again!!
I'm considering to revert back to the previous version which was slow like hell but running ok for my purpose...
P.S: I forgot to mention that I did also a factory reset and no improvement after wasting 15 min in wane..