The 'M' means the system had virtual memory, but virtual address space was tiny- smaller than the physical memory space.
Here's S100 computer board built around this microprocessor with a great introduction to the hardware details. http://s100computers.com/My%20System%20Pages/PDP11%20Board/P...
We were so happy when we got a big -- 3" high, 6-platter 5.25" 20M -- Shugart disk. Didn't know we needed to recompile the kernel so it wouldn't swap in the middle of the fs (which had been at one end of the old 5M disk).
[0] https://web.archive.org/web/20190708094632/http://pdp2011.sy...
One eventual goal is for it to be a PDP-11/70mP, a PDP-11 "quadcore".