This is sort of the opposite of the RAM-based battery backed drives [1]. I can see this being immediately useful for things like large database servers: instead of re-priming caches on reboots you just have them already warmed up. You can also suddenly have a whole lot more "RAM" at the cost of its speed.
I do have a hard time picturing what this will look like if it was as fast as traditional RAM. If I can store everything in RAM, from the OS binaries, to the running processes, it certainly has a kind of elegance to it. Lots of microcontrollers already act this way: all your hardware has an address in a single address space, be at a hardware port, ROM, RAM, NVRAM, etc. However, I wonder how the modern UNIX OS will work with a system like this without block devices at all. I wonder if what it'd do is actually just use RAM disks, and years from now we'll still be doing this the way we do double emulation of the TTY. That'd be kind of sad since it means we can never get away from the concept of old block devices.
On the other hand it's damn convenient to be able to just append to a file and not have to worry about reallocating it. This means that perhaps all we'd need is a filesystem that's designed to work over RAM rather than over block devices.
[1] http://en.wikipedia.org/wiki/I-RAM