Hmmm, I left that article with the impression that the author was Dr. Gandhi was seeing what he wanted to see, not some fundamental new thing (or old thing).

When I read Dr. Chua's paper originally I also thought his reasoning for a third element was weak. In particular while it is well studied how the magnetic field and electric field interact, and essentially are analogs for the other, it is entirely unclear that voltage and current are in fact in a similar relationship. Now if he had proposed a device in which its permeability to magnetic flux varied based on the current passing through it? That I could see as a resistor analog in the magnetic domain.

I agree with kken who commented that Resistive RAM is a thing, but its more of a materials properties thing than a fundamental circuit element thing.