Although I have done too little to avoid the charge of hypocrisy, I am a fan of memorizing large passages of Scripture. Certainly there is value in committing key verses to memory, but the shot gun approach that is usually followed fosters a proof-texting mentality that has not always been well used. Memorizing chapters and entire books is more challenging, but tremendously rewarding.
I have known people who have memorized entire books of the Bible. One of my professors - one of the most humble men I have ever known - memorized the book of Hebrews and Romans (maybe others, too), not for any other reason than personal edification. Another seminary professor I knew memorized the entire NT in the ASV - he was blind and could quote verses at will.
While roaming around the web, I came across an interesting article on the ESV Bible blog offering help in memorizing books of the Bible. It presented a renewed challenge for me, and I hope that it will be helpful for you. You may find the PDF written by Andrew Davis here.