So, I performed Mind Eraser a few times this weekend and I'll start by saying it works. It's really pretty impressive because when you practice it, it's all very straightforward, but when you actually do it, it just works. Your spectator will actually forget their name or card (or whatever simple thing you want, really). Very satisfying.
One important thing to note is that this requires the full attention of your spectator. I tried using it at a bar in a quiet, less distracting area and I could tell it was going to work game set and match on my subject, then someone came in and distracted them. I tried to salvage the routine, but it didn't work at all. So if you're planning on using this at a party or bar, make sure you're away from major distractions. I don't know if a drunk person is more susceptible to it or not because I didn't try it on anyone really drunk. If anything, I would think it would work better maybe if they had a slight buzz, but worse on someone more intoxicated than that.
One other very cool thing to note is that even if you perform Mind Eraser and it doesn't affect your subject fully (they don't fully forget), they will have a temporary lapse of memory for a few seconds before they can answer. This happened on my first attempt. This makes it easy to play the whole thing off as just a warm up for something else (maybe a full induction, if that's your thing) if it doesn't work out. There's a lot on the audio tracks about this and there will be a lot of online support for the routine as soon as the discussion board is up. Rest assured, though, with practice, Mind Eraser does exactly what you see in the video demo, plus a little bit more.