The 2007 Nobel Prize in Physics was awarded to Albert Fert and Peter Grünberg for the discovery of the Giant Magnetoresistance, as reported earlier. I had also given a good link that explains what GMR is. Still, one can never have too many good explanations of what it is, so here's another one, this time, it's an article from Physics Central.
This is actually quite appropriate because it is another example on how basic research in strongly-correlated electron systems can produce something that becomes important in our daily lives. It is why basic research is important. One would hope that this message gets across to those people making funding decisions.