NEC and NEC Electronics employed a new method called "spin torque domain wall displacement write method" to reduce write current and realize microfabrication at the same time. In fact, they aim to reduce the current by as much as 90%. They were also able to increase speed to 500Mhz. This technology is not 'new', it was announced in 2007, but now they have a test chip ready.
NEC hopes to finish working on the technology in 2010, and then to start commercializing it. So it probably means that chips could be ready in 2011 or so.