I think more like what FPGAs could have been. FPGAs today are generally used as a cheap way to implement an application-specific circuit. Once they are programmed, they stay in a fixed configuration. It is theoretically possible for the configuration to change on the fly, but it is almost never done.

Memristors would implement physically what FPGAs could technically emulate using transistors. With this come the benefits of lower power consumption and the ability to keep state when powered down (which FPGAs can't do).

I think cellular automata like the Game of Life are a better mental model for memristor circuits (but I am probably hugely wrong here).

Glad to see i'm not the only one thinking about FPGAs, the thing that i like the most is that this will likely provide an easy way to load a circuit/cpu schematic on a bare memristors based component. If the computing paradigm don't change completely in the meanwhile (unlikely), being able to load/clone dynamically some x86 cores, gpu-like cores, etc... directly from a schematic description and use them (old-style system emulation) is in my opinion quite cool.