The pioneers of GMR technology just recently made off with a Nobel Prize for their (independent) discoveries. I'm glad to see a Nobel go out for something as important and computer rooted as this, as there are certainly people who would rather such a prize go to someone who discovered something more important than a way for us to have smaller ipods. I disagree, as this is the stuff of the future.
BTW, this tech and others are examined in much more depth (and their significance is discussed as well) in a book I'm currently reading, Our Molecular Future. A good read.