It appears that we are about 5-10 years away from seeing this technology mature to the point where it will become as ubiquitous as the cell phone. Once mature this technology will make our thoughts and memories completely transparent. It will completely eliminate privacy as we understand the notion today and redefine everything from court trials to job interviews. Imagine how different the O.J. Simpson trial or the recent Trayvon Martin trial would have been if we would have had the ability to make the thoughts and memories of Mr. Simpson or Mr. Zimmerman completely transparent.
I don't think it will be decades; I think we will see it before the end of this decade. The amount of money being poured into this research is increasing exponentially and these questions are truly one of that last frontiers of the unexplored that science has. There is too much attention being paid to this field for it to take that long, in my opinion anyway. It will be interesting to watch!
As you can see, others are starting to ask the same questions we are discussing. This was just posted on LinkedIn:
I think that would be the most beneficial result of this technology for the individual. It would force us to be honest with ourselves first and foremost. To me that can only be a good thing for the individual and society as a whole.