As this NYTimes.com essays argues in The Case for Memorizing Poetry, there are lots of benefits to it. And before you write the idea off, consider these two mythbusters:
Myth No. 1: Poetry is painful to memorize. It is not at all painful. Just do a line or two a day.
Myth No. 2: There isn’t enough room in your memory to store a lot of poetry. Bad analogy. Memory is a muscle, not a quart jar.
A good and cheap way to improve your life. Shakespearean actors do it all the time. Why not you?