Overview:
Flash Memory Chips had made their world debut long back in 1980, when invented by one Dr. Fujio Masuoka, who was incidentally working for Toshiba. Now after 30 years, this fascinatingly advanced field of computer science has completed a full circle, with the recent announcement of the world's smallest NAND Flash Memory Chip, again incidentally by Toshiba. This chip is the fruit of the collaborative effort from Toshiba and SanDisk, and is claimed to be the most advanced memory process technology node in the world. Expected to be in the production line by the second half of 2011, the success of this technology fundamentally means that much smaller storage devices (removable and embedded) can be efficiently used in mobile phones, tablets and a plethora of other devices, but with their capacity increased exponentially.

FactBox:

What’s great?
The 'ultra-petite' contraption is actually a 64-gigabit (Gb), 2-bits-per-cell (X2) based monolithic chip made on 19-nanometre (nm) technology. That 19 nanometre part actually makes it the world's smallest NAND Flash Memory Chip; in the process overtaking (in this case by being smaller) the 20 nanometre NAND Flash from Intel and Micron. Moreover, it utilizes SanDisk's All-Bit-Line (ABL) architecture with proprietary programming algorithms and multi-level data storage management schemes. This infuses enhanced storage capacity as well as reliability from performance perspective, in these storage devices. The smaller scale of such devices with increased memory also makes them effective for mobile phones, tablet computers and other devices.
Verdict:
Right now the testing phases are still going on, and if successful this chip can literally change the face of this thriving industry. The durability factor can be an issue, but with the surge of SanDisk's All-Bit-Line (ABL) architecture, it shouldn't come into the picture. So at the end of the day, yes; we would eagerly wait for this advanced chip's arrival into the market.
Further readings or Word around the web:
Techspot:
The companies said the smaller process would allow device makers to squeeze more storage in less space. There's no mention of the chip's actual dimensions besides citing the prospect of stacking a batch of 16 to deliver 128GB modules for use in mobile phones, tablet computers and other devices. The 19nm NAND chips are equipped with Toggle DDR2.0 to enhance data transfer speed, and use an All-Bit-Line architecture with proprietary programming algorithms and multi-level data storage management that will allegedly uphold performance and reliability.
Nexgadget:
The 19nm memory die uses the foremost sophisticated flash memory technology node up to now, including advanced process innovations and cell-design solutions.
Engadget:
At least it will be when it hits production in the second half of the year. They are, however, sampling the monolithic chip this quarter in case you're interested in stacking a batch of 16 into an ultra-high density 128GB SSD.