IBM has announced that they are developing a new type of memory which will be faster than current hard drives and flash memory while offering about 100 times the storage capacity. Dubbed "Racetrack," the technology is similar to flash memory in that it has no moving parts, which reduces the likelihood of mechanical malfunction. However, unlike flash memory, it can supposedly be endlessly rewritten with no wear and tear.
Aside from performance and better reliability, lower prices could be on the way too. This is because few transistors will be needed, meaning it will not require a lot to hold a large amount of data. Unfortunately, you'll have to wait some ten years before this technology reaches the market - by which time racetrack memory may have lost the storage and price advantage it theoretically enjoys now.