Here's how it would work for the user,
1. User copies his Bitcoin-qt wallet to MemoryCoin directory
2. Starts both QT clients
3. Sends coins from Bitcoin-qt to exchange address
4. Waits for suitable number of confirmations
5. Receives funds in MemoryCoin wallet.
The whole thing is very transparent - anyone people can audit that payment have been made, and the exchange rate given.
The more I think about it, the more I like it.