meaning - "being" usage as relative clause

I'm dwelled on usage(s) of being in the following sentence.

Even with the model of memory being just physical memory, several
options are possible.

Can it be written alternatively as the following?

Even with the model of memory which is just physical memory, several
options are possible.

Does it yield same meaning?

AFAI understand the model of memory being just physical memory is object of even with. Isn't it because of "with" preposition? I ask what question to even with as what even with? to find the model of memory being just physical memory.

What is the usage of "being" here? Can same usage be applied to "having" or something else.

Or does the "being" belong to preposition "of"?

I'm really but really confused about the subject. I really appreciate if you can explain and elucidate it.

Answer

No. "being just physical memory" is not a relative clause. Instead, it is the predicate of an absolute construction, whose subject is "the model of memory". An absolute construction has the sense of a subordinate clause, but with the specific subordinate conjunction left unspecified. Your example could be approximated with a subordinate "although" construction:

Even with the model of memory being just physical
  memory, several options are possible.

~= Although the model of memory is just physical memory,
   several options are possible.

In the absolute construction, the tense and the subordinate conjunction are lost, and the subject of the subordinate clause is introduced by "with". In other such absolute constructions, the subject of the absolute construction is left understood.