
PCM is good but it isn't the holy grail of memory, but still its better than Flash in a number of ways, (although Flash wins in a few other ways) but its not going to replace RAM ever. PCM still wears out. In theory PCM can take a lot more writes than Flash but its not like RAM which allows unlimited writes. Still PCM does give far higher numbers of writes combined with the fact PCM can also address individual bits which greatly helps to increase its storage lifespan. Flash works ok but its got a lot of limitations. One advantage Flash has is that it can allow multi-bit (Multi-level) storage which increases its density (but partly at the expense of reducing the number of reliable writes).
But I don't see how Flash is going to be displaced by any other memory technology until it offers better storage densities than Flash. (Until that point any other memory technology will always remain very niche market memory and so some people will unfairly laugh at it for not being mass market). The point Flash memory looses the race to better storage densities won't happen until we are approaching much smaller scales as its hard to scale Flash down. (Intel aims to start 11nm by about 2015-2016). So we are looking at a few years at least where Flash is unchallenged in storage.
The only 2 technologies I've seen so far that could in theory over take Flash in memory density (in the next few years) are Memristors and maybe just maybe PCM, but both still wear out so none are RAM style replacements.
I am however unclear on the potential of FRAM. I'm not sure if they wear out eventually. FRAM has however got the potential to be very fast, in theory it could beat DRAM so if it doesn't wear out thats one to very much watch?
As for MRAM this one is even more unclear to me. It in theory doesn't wear out! and its as fast as RAM and it has similar densities to DRAM but unfortunately both DRAM and MRAM don't have the high density of Flash. Problem is that means MRAM doesn't yet have a market. It can't replace DRAM as it would require a redesign of computers which won't happen for the vast majority of computers (so MRAM stays a niche market) and MRAM can't replace Flash as it can't match its storage density (so again MRAM stays a niche market). MRAM seems to be currently trapped by market forces at the moment. I think one big hope for MRAM is how it can also save power. That could open up its potential into many markets as both a DRAM and smaller Flash sizes replacement in one chip. Like maybe the phone market. By replacing both DRAM and Flash and saving power while on and off its got a lot of potential. It could also do very well in embedded applications for the same reasons as it can act as both DRAM and some storage space.
If they could crack the density issue with MRAM then it would become the holy grail of memory. That would suddenly make it extremely big business.
From a marketing point of view, in the future I can't help thinking having instant on PCs would be a major selling point to most people who hate waiting for things to boot up. Its not hard to imagine a future where the idea of waiting for a computer to boot up would becoming as old fashioned as listening to a modem is to us now. (Imagine 2 people with computers both switching their machine on at the same time and one instantly goes ping and is ready to use, while the other computer they have to sit and watch for a few minutes slowly getting ready to use). I suspect most people would end up laughing at boot times as very old fashioned. But I think its going to take a big company to make their own high density MRAM for their own Sub-notebook to really shake up the market to really kick start MRAM sales, but if they do I think they could end up making a fortune from MRAM. My guess would be companies like Samsung and Sony could do it. (My money is on Samsung. :)