I do agree that Moore's Law generally holds true. However a better model is an approximation of multiple S-curves, where each S curve represents the beginning, growth, and maturation of each step in technology.

The smearing of S curves and integration of new lines of tech allow for what appears an exponential growth.

Also, I'd like your opinion on http://www.bioinspired.net/ -- Commercially available memristors, albeit high priced.