I was anti-memorization until I went back to graduate school for mathematics. I had forgotten (or never learned) a lot of things needed to pass qualifying exams. At some point I ran across the spaced repetition idea (maybe from the Wired SuperMemo article [0]) and I gave it a try. I ended up using it to memorize large portions of baby Rudin and Munkres' Topology, as well as some algebra and a bunch of qualifying exam…
Don't you think you actually did well in your exams because you really understood it and not because you blindly memorized it ?
To really understand something first you blindly memorize - but that is not enough, once you do examples and exercises using what you blindly memorized you get to understand things quicker, a lot quicker.
Not memorizing stuff and figuring things as you go is mostly recipe for disappointment.
Like in chess - people think that chess players are somehow super intelligent - but being super intelligent without rote memorization of loads of chess settings will not help winning grand master title.