Physics of amorphous chalcogenides sets the scaling potentials of PCM elements and their perspectives in multi-bit storage. Carrier transport, threshold switching, structural relaxation and crystallization processes have key importance from the application standpoint. They also represent peculiar effects which have always attracted interest and speculations by decades. The paper reviews experimental and modeling analysis of threshold voltage and resistance transients in amorphous chalcogenides. Both variables show time evolutions characterized by a fast component in the 10’s of ns range, called recovery, followed by a slower drift on longer time scales, with a gradual increase of the amorphous resistivity and activation energy. This latter ...