While most answers concentrate on real memory leaks (which are not OK ever, because they are a sign of sloppy coding), this part of the question appears more interesting to me:
What if you allocate some memory and use it until the very last line of code in your application (for example, a global object's deconstructor)? As long as the memory consumption doesn't grow over time, is it OK to trust the OS to free your memory for you when your application terminates (on Windows, Mac, and Linux)? Would you even consider this a real memory leak if the memory was being used continuously until it was freed by the OS.
If the associated memory is used, you cannot free it before the program ends. Whether the free is done by the program exit or by the OS does not matter. As long as this is documented, so that change don't introduce real memory leaks, and as long as there is no C++ destructor or C cleanup function involved in the picture. A not-closed file might be revealed through a leaked FILE
object, but a missing fclose() might also cause the buffer not to be flushed.
So, back to the original case, it is IMHO perfectly OK in itself, so much that Valgrind, one of the most powerful leak detectors, will treat such leaks only if requested. On Valgrind, when you overwrite a pointer without freeing it beforehand, it gets considered as a memory leak, because it is more likely to happen again and to cause the heap to grow endlessly.
Then, there are not nfreed memory blocks which are still reachable. One could make sure to free all of them at the exit, but that is just a waste of time in itself. The point is if they could be freed before. Lowering memory consumption is useful in any case.