There's been quite a bit of buzz about this "technology" recently. It appears to be something that several manufacturers have been working on for some time.
In full-form versions, you might load your entire computer into your memory stick and essentially have a "computer without a processor." When you plug your stick (or mini hard drive) into another computer all your applications run on any available processor, with the same "personality" you had set up on your original machine. (According to the marketing hype.)
I don't think anyone has produced one yet that will take the entire OS along to a machine of a "foreign kind," but it's a "declared goal." It is claimed that existing ones can sense peripherals connected to the machine you plug into and substitute the ones present for ones you had on your source machine. "Seamlessly" is an oft-used word....
One-inch portable hard drives are at 4 GB or more, I believe, so it's becoming fairly easy to take a program or two along. Larger ones have been announced but availability is "variously reported."