Toshiba has shared some details about how they plan to make use of HMB and what its impact on performance will be. The BG series uses a DRAM-less SSD controller architecture, but HMB allows the controller to make use of some of the host system's DRAM. The BG series will use host memory to implement a read cache of the drive's NAND mapping tables. This is expected to primarily benefit random access speeds, where a DRAM-less controller would otherwise have to constantly fetch data from flash in order to determine where to direct pending read and write operations. Looking up some of the NAND mapping information from the buffer in the host's DRAM—even with the added latency of fetching it over PCIe—is quicker than performing an extra read from the flash.
Toshiba hasn't provided full performance specs for the new BG series SSDs, but they did supply some benchmark data illustrating the benefit of using HMB. Using only 37MB of host DRAM and testing access speed to a 16GB portion of the SSD, Toshiba measured improvement ranging from 30% for QD1 random reads up to 115% improvement for QD32 random writes.
Table from Anandtech link above called "Performance improvement from enabling HBM:
Randon Read QD1:30%, QD32: 65%
Random Write QD1: 70% QD32: 115%
While it looks like HMB can do a lot to alleviate the worst performance problems of DRAM-less SSD controllers, the caveat is that it requires support from the operating system's NVMe driver. HMB is still an obscure optional feature of NVMe and is not yet supported out of the box by any major operating system, and Toshiba isn't currently planning to provide their own NVMe drivers for OEMs to bundle with systems using BG series SSDs. Thus, it is likely that the first generation of systems that adopt the new BG series SSDs will not be able to take full advantage of their capabilities.