Pangloss, I'm not sure there's any reason to require memorization in anything other than a foreign language or potentially in certain sciences anymore. Math doesn't require memorization - you can get all those tables anywhere you want, and you have a calculator. All those formulas? Google is your friend. Over time using these resources, you will naturally memorize the basic things that you need to memorize and it serves the same purpose as rote memorization while engaging the students that much more.
By the way, I exclude foreign languages because translators are typically inaccurate.
In general, I find that, since high school, when I first had access to a computer/smartphone whenever I found it necessary, I've learned more online than I have in classes. I find things that interest me or that have practical value in the world I live in and am going to live in for the remainder of my life as opposed to wasting my time memorizing and regurgitating. Rather than teaching students how to pass the standardized tests next week in order to get the school more funding, lower level schools (younger students) should be teaching kids from a very young age how to effectively use the internet and how to effectively learn outside the classroom.
As for credible sources, this is such an overblown issue, especially surrounding Wikipedia. If students are actually taught to use Wikipedia and similar web-based encyclopedias effectively, there is very little danger in using an uninformed site without any credibility. It's those instructors that tell students to use the internet and then don't tell them how to differentiate between the casual blog, the peer-reviewed journal, the easy-to-read and credible source page, and the "Aryan Nation site" that make source credibility a problem. It's not the internet's fault.