The primary goal in SI is revival. However I see again how debate rises on simple non essential issues "straining at the gnats" as I see it.
While there may be many who are contentious on SI, I don't think any of the comments thus far have been offered in that spirit. SI's goal is to seek and to promote genuine Biblical revival, and the practices that lead to and issue from revival. It's an on-line community where from time to time there is some abrasiveness due to contrary opinions coming from precious saints at different levels of maturity. This should be something that is welcomed, even on seemingly trivial matters.
I applaud anybody who attempts to memorize the Scriptures. Indeed, failure to memorize any Scripture would be something that would be of grave concern. I for one have, at times, committed to memorizing large portions, and once, even an entire chapter of Scripture.
Personally speaking, I have received greater edification and long lasting results having simply slowly read over a passage many times and simply meditated upon it, attempting to grasp the "spirit" of the passage I was reading. Indeed, to this day I could tell you more about the argument and flow of Romans 1-11 than I could tell you about any other lengthy passages of Scripture I have memorized. Why? Because I have effectively chewed through Romans 1-11, and digested more of it, than say, James 1, which I have committed to memory.
5 years is a long time to commit to trying to memorize all of the NT. I think, perhaps, one would be better at first mastering the contents of the NT before committing it entirely to memory. Yes, one should memorize small verses and passages here and there while doing such. But, I think memorizing large chunks of Scripture would be beneficial more-so to those who are already sufficiently mature in the faith, than those who still are drinking the milk of the word.