It only sounds absurd because we probably won't see it happen in our lifetimes.
It's true that the programs and the volumes of junk that you can collect easily keep pace with storage growth, and I expect that keeping of pace to continue into the future. Considering the holographic programs Trek has, I can believe an Internet -- of this moment -- size program. I can't imagine how complex the universal translator program must be. It's just that scanning that much information from nature in a matter of minutes or hours seems absurd, if not for the funky phenomena tricorders can pick up.
I like that holographic disk, it would be nice for the isolinear chips to have reflectivity like that.
I don't think it is too High Tech for Star trek (IMO Star Trek is the most High tech universe) it's just a different style (design) 
Anyway they kept the same tricorder design for at least 11 years (2364~2375) so I think you should keep the tricorder from nemesis 
I don't think it's too high tech either. The Nemesis tricorder finally freed the design aesthetic from the shackles of the 1980's; a spine that projects a hologram would not be too out of place. At the same time I can see the other side, that the Nemesis tricorder is not that big a departure, so the PDA style needs to stick around for a while. At the very least, I would like to see an alien tricorder that goes for a very high concept design with either smart materials or holography. Not crappy scan-line holograms, but true to life Trek holograms.
Interestingly the human genome is only 3 billion base pairs (about 800 mb of data, enough for a usb stick?). Even allowing for a lot more data to be necessary for describing ribosomes, various cellular structures like organelles it would be possible to save the essense of the species on a hard drive [given not much is required to record diversity as even chimps share 94 percent of dna]. A lot less prone to annihilation if it came down to it..
With current use of magnetic domains on platters there is a theoratical limit on information density as the domain shrinks and the energy associated with magnetisation becomes close to random fluctuations [anyone know what it is called?], and current technology is rapidly approaching it..
Other technologies being developed look more promising.. I think
Gates said 64 kb was more ram than would be ever needed at one point..
You could fit roughly five people's worth of DNA on a cheap USB drive.
I think Wired had an article on this, or maybe Popular Science, but I can't remember the name of the phenomena either. What I do recall is they're going to use larger chunks of data which allots more space for data redundancy in order to make up for the self induced magnetic interference.