So it apparently makes their custom flash storage behave like RAM, and provides an API to OS and software developers to make use of it as such, but it's non-volatile, so everything persists in the case of power failure or reboot. Here's an informative quote from Wozniak from the press release: " Instead of treating flash like storage, where data passes through all of the OS kernel subsystems that were built and optim…
I think their innovation is not to replace RAM with flash but to have flash automatically mirror a range of RAM. Thus, using their software you can designate an area of RAM to be mirrored or backed up if you will, and what ever you do with that area of RAM, the fusion IO software will save it and try to have an area of flash that is the exact mirror of your area of RAM.
Thus, when you are doing programming you can simply work in RAM without having to worry about saving your data, or writing to a file, etc. The fusion IO will make sure it saves your state so that if you lose power your program can restart from the latest RAM snapshot that was saved in flash.
It will probably work, but it seems like something that would be mostly useful in very expensive systems with very high failure resiliency requirements (such as stock exchange systems). If you do not need super high failure resiliency, it might be cheaper to just get one of those motherboards with an on board 12V back up battery (i.e., the ones used by Google). I doubt this would be very relevant for Apple.