As problematic as the method in this study may turn out to be, I'm afraid their general claims about the confabulated/reconstructed nature of episodic memory are pretty valid, and have been extensively studied over the years due to their relevancy to the legal system in the area of eyewitness testimony.

https://secure.wikimedia.org/wikipedia/en/wiki/Lost_in_the_m...

https://secure.wikimedia.org/wikipedia/en/wiki/Reconstructio...

And more generally:

https://secure.wikimedia.org/wikipedia/en/wiki/Eyewitness_me...

https://secure.wikimedia.org/wikipedia/en/wiki/Episodic_memo...