The properties of long-term potentiation (LTP) mirror those of associative memory in a number of interesting ways. Although plasticity at monosynaptic connections is not expected to account for the varied subtle characteristics of distributed memories, nonetheless it is important to establish how far the parallels can be drawn. Here, we briefly address whether properties of LTP such as its duration, reversibility, savings and reconsolidation relate to corresponding memory phenomena. We then address whether LTP stabilization in fact requires protein synthesis, as this has been challenged in recent times much like the necessity for protein synthesis in the consolidation of long-term memory has been queried. We conclude that the case is still very strong for a necessary role of protein synthesis in LTP stabilization, even though the identities of the synthesized proteins and their contributions to the LTP process are not fully understood. However, we highlight areas of research that could be usefully conducted to further our understanding of the properties and protein synthesis-dependence of LTP.