Flash memory-based solid-state disks are fast becoming the dominant form of end-user storage devices, partly even replacing the traditional hard-disks. Existing two-level memory hierarchy models fail to realize the full potential of flash-based storage devices. We propose two new computation models, the general flash model and the unit-cost model, for memory hierarchies involving these devices. Our models are simple enough for meaningful algorithm design and analysis. In particular, we show that a broad range of existing external-memory algorithms and data structures based on the merging paradigm can be adapted efficiently into the unit-cost model. Our experiments show that the theoretical analysis of algorithms on our models corresponds to the empirical behavior of algorithms when using solid-state disks as external memory.