I am a semiconductor scientist, but I completely fail to understand what this news is about. The article does nowhere mention the materials used, the device behavior, the application, the purpose or anything else.
A MIM device as is, is a capacitor. And that is exactly what the picture is showing. When this type of capacitor is scaled to the nanometer regime it starts to get leaky due to quantum mechanical tunneling through the dielectric. The abstract mentions 'controlled quantum mechanical tunneling'... Aha, this could be what it is about. But as long as metal electrodes are involved this will only create a nonlinear resistor. Still no idea what the exact purpose is.
Are nanoscale MIM capacitors new? No, not at all. Right now you have billions of them doing their job in your computers main memory. Depending on the vintage of your computer, these capacitors employ nanolaminates of ZrO2 and Al2O3 at a total thickness of 5 to 10 nanometers. Quantum electrical tunneling is of high relevance in these devices, since it leads to loss of stored information. So, is cheap new? A quick calculation suggests that the manufacturing cost of a single MIM device in a DRAM is approximately 10^(-10) US$.