I wouldn't be so dismissive of this technology. The key is that it uses significantly less power than conventional circuit elements.

For instance, this concept has been demonstrated to be great at decoding lossy video -- perfect for mobile devices. And, it is already demonstrated to work as part of an error correction circuit for flash memory.

According to Lyric, their flash error correction chip requires "30X lower cost to manufacture and 12X lower power consumption" -- pretty significant savings.

Do you have a citation for the lossy video thing? Seems like it could be good for rendering graphics too. For a 12x power savings maybe I can live with my pixels coming out #00FE00 instead of #00FF00 (for example).

Sure -- http://www.technologyreview.com/energy/20246/. Specifically, they have "implemented filter primitives using PCMOS technology, used to realize the H.264 decoding algorithm." (from http://www.cs.rice.edu/~lc6/visen/2006vlsisoc.pdf). That paper does not go into much detail about the video implementation, but it seems they discussed it more in a conference presentation.

The relevant part of the technology review article: "That changed in 2006. [Palem] and his students simulated a PCMOS circuit that would be part of a chip for processing video, such as streaming video in a cell phone, and compared it with the performance of existing chips. They presented the work at a technical conference, and in a show of hands, much of the audience couldn't discern any difference in picture quality."