My doctor had mentioned the monkey results. I believe there is some evidence that Alphagan, one of the eyedrops I take, has some neuroprotective effect in rats -- I think they crush optic nerve cells with and without Alphagan. The monkey study seems a little stronger, although 8 treated monkeys is hardly definitive.
For me, the cost after insurance is $30/month, a sum I am willing to risk pending the results of the 5000 patient Allergan trial. I focused more on the side effect profile, and for me, there have been none. It is also very difficult for a layman to evaluate the plausibility of basic science arguments about blocking glutamate and calcium flows, etc.
Also, if specific proof of mechanism of action were required, I don't think any of the IOP lowering drugs would be approved. You will retort, at least those drugs have evidence of efficacy via randomized trials, which memantine does not yet. I do know that there is evidence that there is a "cascade effect," whereby dying ocular nerve cells sent a signal to other cells, which also start to die. That's not an explanation at all of why menantine might work, but it partly explains why neuroprotection is important.