The short duration of the SR is supported by evolutionary theory, as in the wild quick reactions are vital for survival, so only important information would be retained and processed. Too much information would lead to slower reactions.
There is a large base of research that supports the idea of distinct STM and LTM systems. An example of this is the Shallice and Warrington (1974) study of KF, a brain-damaged case study patient whose STM was impaired following a motorcycle accident, but his LTM remained intact.
It makes sense that memories in the LTM are encoded semantically – i.e. you might recall the general message put across in a political speech, rather than all of the words as they were heard.
The MSM was a pioneering model of memory that inspired further research and consequently other influential models, such as the Working Memory Model.
Some research into STM duration has low mundane realism, as the stimuli participants were asked to remember bear little resemblance to items learned in real life, e.g. Peterson and Peterson (1959) used nonsense trigrams such as 'XQF' to investigate STM duration. Similarly the ecological validity of many of the experiments is low as they were carried out in lab environments, so participant behaviour may not be the same as would be expected in a more natural environment. This can lead to low external validity for the findings.
The model is arguably over-simplified, as it sees each store as a single unit, but evidence suggests that there are multiple short and long-term memory stores, e.g. 'LTM' can be split into Episodic, Procedural and Semantic memory.
It does not make much sense to think of procedural memory (a type of LTM) as being encoded semantically, i.e. knowing how to ride a bike through its meaning.
The capacity of the STM can be significantly altered by factors such as age (reduces) and practice (increases). This means that the view of a fixed STM capacity is incorrect.
It is only assumed that LTM has an unlimited capacity, as research has been unable to measure this accurately