it's already competitive.
Of course, what you're really paying for is a combination of speed and reliable nonvolatility which can't be provided by other means. If you set up a system to take maximum advantage of each of the available components, there are definite advantages -- and 'first adopters', especially performance-dependent institutions, will find it worthwhile to start mixing in some MRAM within the next couple of years.
Picture a 'hybrid' or (better) 'tiered' system: Sufficient MRAM to hold your core OS and scratch data to which you need fast access (say ~~1 GB, or even smaller, if you strip the OS down to its basics). In the event of failure of either the OS or process, you can recover much faster than from a HD. But for long-term storage (you know, all those files that you never throw out, even though you hardly ever use them) use a conventional HD. This is actually very similar to the idea of using HD for online storage, and tape (or other removable media) for off-line storage (as most large installations do), but much faster. I would expect this to be the type of system where MRAM first migrates to desktop CPU's, probably starting out in high-performance workstations or mainframes. I say that because that's exactly the route that solid-state disks originally took on the way to cheap flash RAM. The real competition for MRAM (at least initially) won't be with HDs -- it will be with other SSDs, like flash.
http://www.storagesearch.com/bitmicro-art3.html claims
(Editor's notes:- at the low end of the capacity range SSDs actually cost less than HDDs - see the Semico article which includes a timeline for this. At the high capacity end SSDs are often cheaper than the CPU server upgrades needed to deliver the same speedup benefits.)
The big qualifier: all this will matter to high-end users much more than to your typical business laptop user. For those of us who do scientific computing, the temptation is to run out and invest in the tech as soon as we can. For people who use their machines only for email and Web surfing, there's no reason to pay much attention for several more years, when the costs of mfgr will have dropped enough to make MRAM a common option.
/edit to change para order