Now I may be wrong here, but everything I have read on this contradicts what you have said.
They may or may not have a cache attached, like any SSD, but AFAIK the storage is flash. I do not believe it is physically possible for them to fit 200+GB of DRAM on a DIMM, or we would have seen them before. Also, the speeds quoted (for a single module) are in the region of SSDs (SATA SSDs around 550MB/s, these modules 1GB/s), which is WAY lower than RAM.
What makes them so fast is a mixture of fast flash (as is used on PCIe flash cards) and lack of interface bandwidth bottleneck. They also have a much lower latency due to inherent properties of the memory bus.