So I did a very quick search on the internet looking for Light induced RAM and Light induced magnetoresistance and only found one article that predates the slashdot article and the one it links to. (Ok, I'm procrastinating from doing other stuff).
This university published article is just as short on details and has no links to any published research. It's also a bit laughable: "new material allows computer chips to exist at a molecular level" which means what exactly? Computer chips currently don't exist at the molecular level? Anyway, don't mean to give their communications department a hard time, I just want more solid info.
It's clear that some of the claims from the hyped article that slashdot cites are ridiculous (at least the university release doesn't make those claims). The journalists, lacking any background in science probably called up some "experts" and said (out of context) "if you had a material that could do such and such" what would be the advantages. So, these experts, whether or not they actually know anything, just started making things up like it'll cut down on energy consumption (true but not a huge amount) and that it would prevent fires like the Samsung smart phone (probably not because the modest power savings from this RAM would not allow the battery to be designed differently which was the cause of the fires).
Unfortunately, the heat (and power) problems are not in the RAM but in the processor (amongst other things) which this technology does not address. In the university article they say that it is part of an effort to reduce the power and heat of processors but does not say this technology does this. Apparently, from the article, it is only suitable for RAM; hence the name LI-RAM. So while it may be faster (good) and not give off much heat (also good) it doesn't live up to the hype in the distorted media interpretations of the university article (which the slashdot submitter then chopped up and republished). This all assumes that they can get this to work at the fantastic performance and density levels of modern RAM all while not introducing new sources of heat and power to make it work (it requires "green light' presumably from a laser).
Anyway, if you want to waste some time, take a look at the Slashdot link and then look at the university article and you'll see how information can be mangled and hyped up by people who don't have a background in the subject. Of course, since we all like "free" (or ad supported) news, we aren't exactly encouraging accurate journalism :(