Short term memory is approximately 7 “bytes” big (where a byte is a is a pretty large thing, like a concept or a small thing like a number). It takes repeated exposure or “refreshing” in short term memory to move something into long term memory.
Long term memory is holographic in nature. This is why you can lose some brain cells every second of your life yet not leak memory like a sieve (although we do lose some things). Try it out on a holographic picture, cut the picture in half and you still get the whole image only at a lower resolution.
Long term memory has slow write access and fast read access. Short term memory has fast read / write access. This all has to do with protein’s ability to “flip” a logical gate between states. I think the book “Age of Spiritual Machines” explains that our processing speed is about 7 operations per second. We think so quickly because we have something like 10 trillion nodes and they ALL flip almost simultaneously.
I think that if we replace, neuron by neuron, our protein hardware with silicon hardware (They’ve done it in a lobster so we could possibly do it in a human) . Once we have silicon brains we’d “flip” gates at about 10,000,000 times faster and THEN we could actually utilize hypnosis or start using other forms of memory upgrades, plugins, etc to educate ourselves. We'd learn 10,000,000 faster as well which means about 60 seconds after you're born you'd be a PHD in several majors.
Here’s a link were protein neurons were replaced with silicon neurons, quite successfully.
http://ucsdnews.ucsd.edu/newsrel/science/alobster.htm
This link explains the STM and LTM operations in detail as well as how memories are encoded and how we “forget” stuff. (Looks like LTM leaks…).
http://brain.web-us.com/memory/human_memory.htm
Anyways, if the people at UCSD keep up the good work, I could amagine that they could begin to develop appliacations to enhance the memories of adults and children, and then use hypnosis, or, "memory upgrades." To think, in the future, school could be almost abolished.