MEMORIES OF TOMORROW is an interesting film, in that it's a spy thriller that's best when it's not interested in being a spy thriller. Other folks here have alluded to the story, so I won't belabor those points. Personally, it's not a genre that excites me much (so add a point or two to my score if you're a fan of the genre), but Tripuraneni does a good job of crafting a solid story and it ticks along nicely enough.
Where MEMORIES really shines, though, is in its building of visual sequences and editing. There's a lot of downright visionary camera-work in here (especially considering this was shot on a Panasonic DVX-100A!), and there's places where the combination of the images, cutting, and sound design transported me to another level of appreciation, rare in the world of film-making, much less in the world of digital debut features. Personally, I'd love to see this crew take on a film that's even more abstract with a less conventional plot - the poetry of the aesthetics sometimes feels like it calls attention to the more standard scriptwriting devices. (TV broadcasters spoon-feeding out important plot details or the initial setup of the romance between the two lead characters, for instance.)
In sum: well worth a look, especially for those curious about pulling off effective and aesthetically interesting no-budget film-making. If my rating seems low in comparison to my comments, it's partially because I don't grade on a scale for budget (so add two points if you do) and partially because I expect films from this crew in the future that will leave this film in the shade.