PlayStation 2 modchip on a memory card?

This is really interesting, a PlayStation 2 modchip on a memory card. Around the web it appears that this can play backed up games, there is some debate in the comments so if someone knows for sure post on up… –

The PS2 is certainly no stranger to a continuous flow of great games which is why every hardcore gamer will adore the Memor 32. Featuring a unique USB based design, the Memor 32 is an advanced memory card for use on any PS2 and PSTwo systems around the world. Unlike standard memory cards, the Memor 32 will allow gamers to load and unload save games to and from the PC for use with the PS2. It’s compatibility is up there with the best, with over 1500 games tested and working perfectly.

PlayStation 2 modchip on a memory card – [via] Link.