Slab would be part of main memory, not to be confused with swap.
~10% of the utilization on my system is slab.
[bjames@lwks1 ~]$ grep "Slab\|MemTotal\|Active:" /proc/meminfo
MemTotal: 65976620 kB
Active: 6139820 kB
Slab: 605988 kB
That's hardly insignificant.
It sounds to me like slab allocation is specifically used to allocate small blocks of memory (less than a page). Ie a slab might be set aside for integers, then if an application (edit: not applications, see rayiner's comment below) needs to store an integer it gets stored in that slab instead of somewhere else in memory. I'm not a Linux developer, so I hope I'm not spreading bad info. Maybe someone else can chime in.
I assume this would largely be short lived allocations so I can see where optimizations here would lead to power savings.