Gizmodo talks about a SIM card with 256 MB of memory on it, and they like it.
I wonder why. I can imagine that a SIM with storage-space for 20 phone numbers and 5 SMSes is lacking space (although, it would be large enough for me :)), but what to do with 256 MB of space? With something like 1 MB one can store a huge amount of phone numbers and SMSes, even ignoring the fact that these items can of course also be saved on onboard memory in the phone itself.
For MP3 / video you obviously need more (and, preferably, also upgradable) storagespace, but for that reason MMC/SD cards have been invented. And, I don’t see any advantages of tightly coupling my MP3 files with my telephone number (directly sacrificing the upgradable feature of MMC/SD).