Yea but memory is ULTRA cheap. Gigs cost dollars. Now stop trying to scare the miners away from litecoin mr early adopter.
I don't see how your project benefits anyone. In fact, you're trying to accomplish the same ends as what is happening on Bitcoin. Litecoin should not have ASICs unlike Bitcoin. Actually your project is completely hypocritical to your own statements on being "ASIC hostile".
Let's see if you can fit 120 GB of memory onto a 60 mhash ASIC. That's just "RAM" as well (DDR3), factor in the memory for the actual "cores" (GDDR5). It costs about $50 for 2 GB of GDDR5, and we'll need way more than that for an ASIC.
After that, then you would have to have an ENORMOUS and super fast memory bus; otherwise it's no more efficient than a GPU.
If this is all said and done, it would be slightly more efficient compared to GPU. (2-10x more), compared to bitcoin ASICs which is a huge step over the GPUs.
We wouldn't need that, but a 1-5mh/s ASIC would be a good thing, if it consumed less power. I believe that reducing worldwide power consumption is always a good thing. And a 5mh/s LTC ASIC with around 8gigs of GDDR5 and 16gb of DDR3 would be doable.
This kind of machine wouldn't disrupt the market too much, would be quite expensive and save tons of power.
