Actually, the fact that the memory is temporal is known for quite a long time.
At least since early 90s, after the discovery of spike timing dependent plasticity (STDP) - http://www.scholarpedia.org/article/Spike-timing_dependent_plasticity it became obvious that the neurons encode information based on the temporal correlations of their input activity. By today, our knowledge has been greatly expanded and it is known that the synaptic plasticity operates on several time scales and its biological foundations. There are also dozens of models of varying complexity with even some simple ones being able to reproduce many plasticity experiments on pairs of neurons quite well.
Since early 90s there had been lots of research into working memory and its neural correlates. While we do not have the complete picture (far from it, actually), we do know by now very well that the synaptic strength is heavily dependent on temporal correlations and that biological neural network behaves like auto-associative memory. There are several models that are able to replicate simple things including reward-based learning, but all in all, it can be said that we are really just at the beginning of understanding how the memory of the living beings works.
As for Ray Kurzweil, sorry but anybody who can write something called "how to create a mind" is just preposterous. Ray Kurzweil has no clue how to create a mind. Not because he is not smart (he is), but because NOBODY on this planet has a clue how to create a mind, yet. Ray does, however, obviously know how to separate people from their money by selling books that do not deliver.
If somebody offers to tell you "how to create a mind" (other than, well, procreation, which pretty much everybody knows how to do it) just ask them why is that they did not create it, but instead they want to tell you that. That will save you some money and quite a lot of time. While I do not disprove motivational value of such popular books, scientifically they do not bring anything new and this particular book is just a rehash of decades-old ideas.