The similarities are far too strong to ignore. Although the details are quite sparse, I would hazard a guess that these would have to share some of the properties that doomed bubble memory (which i actually played with quite a bit back in the '70s). They include: serial nature, which then leads to access time issues, and apparently destructive bit read, necessitating read-modify-write on EACH BIT during readout.
"This sounds like the magnetic bubble memory of the 70's. A good idea that never scaled out to be useful." Jack Peacock
I was thinking the same thing until I spoke with IBM who claims that the Racetrack Memory is still an active projects with papers published yearly about progress being made. Of course, only time will tell :)