I want to understand how much RAM and flash I have available for my own program memory and program space after I incorporate the overhead of Bluetooth communication when using an nRF51822.
As of this writing (Sept 2014), the S110 v7 softdevice uses 88 kB flash and 8 kB of static RAM for S110 leaving 168 kB of flash and 8 kB of RAM for the application (for the 256k chip). Also note that S110 v7 can use over 1.5 kB of stack, so you must make sure that your stack is big enough to accomodate both this and your application's requirement.
Lastly, when you use the S110, it also restricts many of the Programmable Peripheral Interconnect (PPI) channels, leaving on 8 channels free for the application code. This restricts how you implemet peripherals such as PWM and I2C.
Read the latest SoftDevice Specification (currently v1.3)