http://www.sinosplice.com/life/archives/2009/08/06/the-space...
At this point, I'm seeing the same thing again, but distributed to a larger group of people. Everybody and their cousins are making SRS programs for learning languages, often Chinese, and that giddy feeling I had when encountering the idea of SRS seems to be all over the place!
How I wish I could explain that the context matters and they'd learn faster by actually using these discrete chunks of knowledge in context! That reviewing decontextualized data is a poor way to synthesize most thing! But who would listen? I wouldn't have 4 years ago.
SRS is seductive. It's amazingly good for things in which there is a set number of essentially unrelated pieces of information to memorize (e.g. 5000 common Chinese characters), but it's terrible for learning something more nuanced (e.g. how to read Chinese). I do still keep it as a tool, but it's a special purpose one.