Funnily enough the memristors seem to have much the same way of working as old core memory. I'm not sure I really buy the forth fundamental component stuff. Memristors seem to have similar properties to magnetic cores and memory diodes.

What don't you buy about them being the fourth fundamental circuit type?

Its mathematically provable, proven in the 60's actually. Here watch this for a decent introduction. https://www.youtube.com/watch?v=bKGhvKyjgLY

Well I can see resistors, capacitors and inductors as fundamental but when you beyond that I'm not convinced that a resistor with hysteresis is particularly more fundamental than an inductor with hysteresis (as in core memory) or a capacitor with hysteresis (not sure they've invented that yet) or a diode for that matter. The "we've discovered the forth fundamental component" stuff seems a little like hype to me. Not to knock its potential value for building computers.

I tend to agree with a comment elsewhere: if memristance is a fourth "fundamental" element of any importance, it would have had to be well-understood (and compensated for) as a parasitic property of other components. It's not, unless you count purely thermal effects.