Yes, it's doing a basic RAM test. You can't do it on all Macs, but you can likely disable the startup memory test by holding down option + command (I think) when you double-click on the "memory" control panel. There will be a check box at the bottom of the control panel that lets you turn it off. Saves a lot of time on some machines (eyeing off my PowerMac 9600 with 1536MB!)
JB

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Thanks for confirming. I figured that's what it was doing. I also thought the PRAM battery was dead, but after leaving the machine plugged in for a week it is now keeping time properly and will boot from battery after being left unplugged overnight. However, if the computer is put into sleep mode on battery power, it won't wake up until it is plugged in. The sleep light also flashes weakly on battery power but operates normally when plugged in. Is this another indication that I should replace the PRAM battery? My other Kanga doesn't exhibit this behavior.