While some people might say reference counting is just a form of garbage collection, this blurs the useful distinction when discussing the overhead involved. Automatic memory management schemes that impose a variable runtime cost to analyze the object graph are simply totally unlike schemes that have no analysis step and thus no performance headaches. When people talk about GC being unacceptable for real time systems, they are not saying reference counting is unacceptable as well, they are simply saying that any system with a garbage collection phase are unacceptable. So that seems like a pretty clear split.