The chip has a 10 megabits-per-second data transfer rate -- which HP says is 10 times faster than Bluetooth wireless technology and comparable to WiFi speeds. Storage capacity ranges from 256 kilobits to 4 megabits in working prototypes, which HP says enables it to store a very short video clip, several images or dozens of pages of text. Future versions could have larger capacities.
A much more pleasant use of the technology than RFID would be of course in consumer products, with manufacturers being able to embed wireless storage in just about anything you can think of, whether it be enhancing cell phones, adding it to a key or even embedding voice clips into greeting cards.
HP definitely has a lot of potential for a technology like this, and it sounds neat on the surface. As wireless continues to propagate, it's inevitable that we'll start seeing things like this appear all over the place.