The mainstream media are just queuing up to fail in their reporting of the propranolol story from a couple of days ago. To reiterate:
Propranolol is commonly used to treat high blood pressure and prevent migraines in children. But Merel Kindt and colleagues from the University of Amsterdam have found that it can do much more. By giving it to people before they recalled a scary memory about a spider, they could erase the fearful response it triggered.
The critical thing about the study is that the entire memory hadn't been erased in a typical sci-fi way. Kindt had trained the volunteers to be fearful of spidery images by pairing them with electric shocks. Even after they'd been given propranolol, they still expected to receive a shock when they saw a picture of a spider - they just weren't afraid of the prospect. The drug hadn't so much erased their memories, as dulled their emotional sting. It's more like removing all the formatting from a Word document than deleting the entire file.