Did you ever get this one up.and running?  Would be great to see it in action. 

No I didn't, its another case of too many ideas and not enough time.... I'll revisit it at some point in the future..

looking forward to that point :-)

You still need to add design files until 23:59 UTC on Dec 8, 2015!

This is your one-week reminder to upload design documents: https://hackaday.io/project/7813-the-square-inch-project/log/28566-design-deadline

Njord, a megabit is 1,048,576 bits.  It's 1/8 of a  megabyte, so 16 megabits is 2 megabytes.  Individual ram/flash is often demarcated in bits, rather than bytes.  There are good reasons for this, having to do with the parallel design of the memory bus.  This means that when designing a system, you would often be using eight ram chips _anyway_, so they're listed in such a way as to tell you how many bytes you'll have on a full memory module.

You can measure storage space in both formats, Megabit is a million bits, divide it by 8 and you get the storage in Megabytes. So this is a 16MBit chip, or 2MBytes. Sometimes its more helpful to think in terms of bits, if the space isn't arranged in bytes, e.g. if the stored words were 16bits wide.

Broadcast quality video for example is 20 bits per pixel, so doesn't convert to bytes easily.

I think you may mean Megabyte? Megabit is a speed, like miles an hour, Megabyte is an amount total, like miles.

Both megabyte and megabit are measures of the amount of information. The speed of information transfer is measured in megabits per second.

A megabit is 128kBytes. (A shortcut for conversion is that it's an eighth of a megabyte.) Console game cartridge ROM sizes are among the things measured in megabits.