@bobdvb: It's unclear because they haven't said much about the lo0gic part of the device.
Many researchers including some at Stanford and Berkeley have talked about kinds of smart memories before. HP's unique angle is using its memristor as the memory.
Turns out there are many logic blocks each suited for different jobs that HP Labs is exploring adding to memristors.
The idea is to invert the old idea of a memory hierarchy serving processors. Instead memory is central and there is a hierarchy (or taxonomy) of processing done on it.
It will be great if something useful comes from HP's nanostore and 3D stacking crossbars. However, I would have more respect for the researchers involved if they stood on the merit of their own R&D rather than continuing to use Chua's "memristor" as a PR gimmick.
It is really astonishing that HP’s Labs still believe in their “memristor” stuff.
Non-volatile memristive systems are conceptually defined by a set of characteristic mathematical equations. Thus, solid state memory devices should only be labeled "memristors" if they operate physically in accordance with this mathematical framework. However, up to now no one has been able to propose a reasonable physical model that satisfies these equations, although there are some claims appearing in scientific literature. Even HP Labs have not invented or found a device which works like a genuine, non-volatile memristive system. Their fabled memristor model which was presented in the “NATURE” paper “The missing memristor found” (Nature 453, 80-83 (2008)) suffers from severe flaws in its construction. This can be easily shown by analyzing the model under aspects of textbook electrochemistry.
What is termed "memristors" by HP are memory devices based on "resistance switching" effects. Resistance switching behavior is often observed on specific metal/insulator/metal structures after a soft-breakdown of the insulating material has occurred (electroforming step). These phenomena are well known since decades and are in no way related to the concept of memristor/memristive systems. Soft-breakdown can induce highly defective, filament-like structures somewhere in the insulating matrix which are susceptible to external interferences. Probably, most resistance switching effects result from localized chemical/physical phase transformations in these regions due to, for example, local heating or high-field electrolytic processes triggered by means of electric stressing. Localized effects at the nanoscale involve a lot of reliability and stability issues. SK Hynix and other companies seem to be aware of these problems.
So, what is the real intention behind all these “memristor” stories? HP is doing no favors to itself announcing time and again such “breaking” news.