In this work we explore how close the artificial intelligence community has come to model the human mind regarding representation and processing of sequences. We analyse results produced by cognitive psychologists, who explore real minds, for features exhibited by human short- and long-term memory when representing and processing sequences. We compare these features with theories and models from the AI community divided into two types of theories: intrinsic and extrinsic theories. We conclude that the intrinsic theories have managed to explain most of the features, whereas the extrinsic theories still have a lot to do before exhibiting all features. We also present several suggestions for continued research to the AI community within the area of sequence representation and processing in the human mind.