Yeah my thought too--I'll believe it when they actually release a product. It's like most research projects--initial results are great. Having it on the market means it really exists though...
http://www.research.ibm.com/research/gmr.html
I've been hearing for so long about the memristor revolution being just around the corner that I will simply wait until I can buy it before I get happy. It's cynical, for sure, but HP have been hyping this once too many for me.
I do think it is great that they're working on this as hard as they are and I think if it pays off HP will be worth more than Apple by the time they're done. A fundamental break-through of this magnitude will be worth a fortune the likes of which we can probably not even imagine.