It would make it easy for you to:
-- Create an online memorial
-- Make it public; for the world to see
-- Make it private; just for friends and family
-- Collaborate with friends and family; create the memorial together
-- Collect and organize your memories, stories, videos and pictures
-- Save it forever.
Some notes:
This might sound a little morbid but people do this stuff when a relative or friend passes away. Why not make it easier?
My wife calls it MyDeadSpace. Funny gal. I don't plan on using that name.
[EDIT]
Sincere thanks for everyone's feedback. If anyone does have any other thoughts - feel free to email me (john at todotoh dot com) or continue commenting.