It sounds like it could be cheaper and more energy efficient than transistors.
More on Ovonic quantum control, potential transistor replacement. The all thin-film device is said to have significant multifunctional capabilities when compared to transistors, thanks to its high current carrying capacity and unique modulation gain. Its multifunctional operating modes include the ability to be turned on using a small pulse applied to a third terminal in either latching or non-latching manners. Using thin film fabrication, Ovshinsky says the device can be fabricated in a cost-effective manner, using the Ovonic roll-to-roll process, a continuous web, triple-injection, roll-to-roll photovoltaic processor already makes 9 miles of thin-film, semi conducting photovoltaics in a single run.
Picture of the inventor, Stanford R. Ovshinsky, ECD Ovonics president, chief scientist and technologist, and a wafer with ovonic quantum control devices on it
Past article on the announcement of the device a couple of months ago
An article about the possible Flash replacement memory created by the same inventor and the comparison of that technology to other computer memory