also, keep in mind that the 'bloat' related to the visited links isn't only the additional size of the download, but what they do during runtime, too... there's a whole additional process of maintaining a history.dat file during browsing, resulting in more HDD accessing, and storage space... these are things that people who like to think of k-meleon as a 'lite' browser might rather do without, or at the very least be able to turn off easily.
having said that, i think of k-meleon as my Heavy Duty browser, so i sometimes want that functionality myself... although in the course of using the recent builds, i've gotten kind of used to not having it... hmmm.