This is by no means a new phenomenon. A library expands human brain capacity far beyond its natural limit.
However a library has three basic limitations:
1. It is not always available.
2. The time to access any specific piece of information can be slow.
3. The library is read-only
The cloud has already overcome all three of these limitations to a large extent -- it is ubiquitous (available on cell phones and other portable devices), the search is far more efficient and the storage is possible (relatively easy).
However the gap between the ease of storage/access/interface to human memory and the cloud is still quite large.
The new technology will make this gap narrower and at some point in the future it may even disappear completely. Perhaps one would be able to bring up information just by thinking about the key concepts, words or images.