The reason I find this confusing is because I think of this as the "memories" feature. I remember the first time I specifically went looking for an FAQ about this, I totally missed it because I was looking for the wrong word. I don't know that I've ever seen this feature referred to as the "memory feature" outside of FAQ 47, and since it's called "Memories" in the LiveJournal sidebar, I suspect that's how our users think of it as well.
Therefore, I'd like to suggest that the name of the FAQ be changed to "What is the memories feature? How do I use it?". This would also necessitate a change to the first sentence of the FAQ, from "The memory feature on LiveJournal allows you to mark your favorite entries from LiveJournal in an easy-to-use keyword archival system." to "The memories feature on LiveJournal allows you to mark your favorite entries from LiveJournal in an easy-to-use keyword archival system."
Actually, while I'm at it, how about changing the first sentence to, "The memories feature on LiveJournal allows you to mark your favorite entries and categorize them for easy access in the future."
Good idea? Bad idea? Previously discussed and I'm just clueless?