I have always enjoyed memorizing scripture, probably because it was one thing that I was quite good at and was rewarded by candy and treats, as well as just regarded a "spiritual".
Memorizing scripture alone doesn't make one spiritual but no matter what the motivation can be a good thing. I am now stuck with literally dozens of verses and even whole chapters of scriptures memorized and it's good. It actually is important and of value to everyday life. The biggest drawback is that unless I have the whole chapter memorized I often forget the reference of where the verse came from. Another downfall: All the scripture I have memorized is in the NIV and these days i typically read the ESV and sometimes the NLT which can make it a bit confusing.
Psalm 1 I memorized while being a camp counselor for a christian camp in high school. Every day my little group of campers would have to memorize a verse. I don't think I could forget this passage if I tried and it always brings to mind my little camper's faces and what we learned together.
Blessed is the man
who does not walk in the counsel of the wicked
or stand in the way of sinners
or sit in the seat of mockers.
2 But his delight is in the law of the LORD,
and on his law he meditates day and night.
3 He is like a tree planted by streams of water,
which yields its fruit in season
and whose leaf does not wither.
Whatever he does prospers.
4 Not so the wicked!
They are like chaff
that the wind blows away.
5 Therefore the wicked will not stand in the judgment,
nor sinners in the assembly of the righteous.
6 For the LORD watches over the way of the righteous,
but the way of the wicked will perish.
The drawback to scripture memorization is that it can become mechanical and lose it's impact. I know for me I oftentimes don't really look at the words; I just recite them but even in this simple Psalm I am challenged:
Do I delight in the law of the Lord? Are we even under the law since we now have grace? Do I meditate day and night on scripture? Or do I only read my bible out of duty instead of delight? Am I memorizing and meditating on scripture I haven't already memorized or am I just relying on past knowledge? Or past experience? Is my God active in my life today or am I just reliving the glory days when He seemed more real, more close to me?
What is your favorite verses you have memorized? Do you think scripture memorization is important?