Is it science fiction? Is it vaporware? With IBM, that's a name you can rely on. The following would be of interest to many:
IBM's racetrack memory moves closer to the checkered flag - Computerworld
IBM's "Racetrack" Closer to Starting Its Engine (IBM)
To summarize, the articles say that the technology would enable much more storage and simultaneously drastically reduce costs while tremendously speeding up the devices (e.g. cell phones and computers) and increase their durability (due to being solid-state).