Building on what Ekkehard.Horner has said...
Scripts like VBScript, JScript, and ASP are executed within an environment that manages memory for you. As such, explicitly setting an object reference to Null or Empty, does not necessarily remove it from memory...at least not right away. (In practice it's often nearly instantaneous, but in actuality the task is added to a queue within the environment that is executed at some later point in time.) In this regard, it's really much less useful than you might think.
In compiled code, it's important to clean up memory before a program (or section of code in some cases) ends so that any allocated memory is returned to the system. This prevents all kinds of problems. Outside of slowly running code, this is most important when a program exits. In scripting environments like ASP or WSH, memory management takes care of this cleanup automatically when a script exits. So all object references are set to null for you even if you don't do it explicitly yourself which makes the whole mess unnecessary in this instance.
As far as memory concerns during script execution, if you are building arrays or dictionary objects large enough to cause problems, you've either gone way beyond the scope of scripting or you've taken the wrong approach in your code. In other words, this should never happen in VBScript. In fact, the environment imposes limits to the sizes of arrays and dictionary objects in order to prevent these problems in the first place.