I think that good memory is really important nowadays. It makes your life much more easier, gives you more free time and also helps you in different aspects of your life.
Good memory helps you remember different things easily. For example, if you have good memory you can spend 2 hours preparing for your exam when the guy who has bad memory would need 6 hours. Personally I can just sit through different subjects and only listen to what teacher says and that would be enough for me to fully understand the subject and get 5 or sometimes 4 on the test.
The importance of it is manifested not only in school. You would not forget anecdotes that you hear so you could tell them to your friends or family members. You can also work more effectively: remember all meetings, names of your co-workers, their abilities and other important stuff.
Also nowadays the more languages you know - the better for you. The more languages you know - the more chance that you would get a job. And the better your memory is - the faster you will learn a foreign language.