Perhaps in terms of gates, but LUTs represent a much larger fraction of resources on an FPGA than the block RAMs. In other words, if you wanted to pack a lot of these onto an FPGA you'd run out of LUTs before block RAM.
I'm willing to bet lots that 4/n_block_ram > 308/n_lut.
So that design uses 308/(2*63550) =~ 0.2% of the logic resources on the FPGA, but 4/(28620/36) = 0.5% of the RAM.
Not nearly as imbalanced as it sounded to me originally, but still: the LUT numbers are spun by more than a factor of two. The design is more closely equivalent to "640 LUTs". Which interestingly is very comparable to the equivalent transistor count on the original part from Intel.