Sized Deallocation feature has been proposed to include in C++1y. However I wanted to understand how it would affect/improve the current c++
As in your quote:
[Modern memory allocators] for space efficiency reasons, do not store the size of the object near the object.
Increasing the size of every allocation in order to add explicit size information is obviously going to use more memory than alternatives such as storing the size information once per allocation pool, or supplying the information upon deallocation.