There is some lasting benefit for memorizing whole chapters of scripture, but may I suggest that such an exercise is difficult to do absent a formal school curriculum to support it. In a Madrassa, such feats are regularly performed, but at the expense of a liberal or classical education. I do not consider a person who has committed to memory a whole book, but who cannot discuss the merits of capitalism or the beauty of TS Elliot or GB Shaw, or the causes and effects of our Civil War, to be widely or deeply educated. Neither will such an education produce a more serviceable citizen, or one profoundly more capable to contribute to a 21st century society. They may be a valuable asset for a 7th century tribe, but not for Dayton OH circa 2013.