(1) Memory is primarily designed to be addictive. It feels "magical" when it references things it knows about you. But that doesn't make it useful.
(2) Memory massively clogs the context window. Quality, accuracy, and independent thought all degrade rapidly with too much context -- especially low-quality context that you can't precisely control or even see.
(3) Memory makes ChatGPT more sychophantic than it already is. Before long, it's just an echo chamber that can border on insanity.
(4) Memory doesn't work the way you think it does. ChatGPT doesn't reference everything from all your chats. Rather, your chat history gets compressed into a few information-dense paragraphs. In other words, ChatGPT's memory is a low-resolution, often inaccurate distortion of all your prior chats. That distortion then becomes the basis of every single subsequent interaction you have.
Another tip is to avoid long conversations, as very long chats end up reproducing within themselves the same problems as above. Disable memory, get what you need out of a chat, move on. I find that this "brings back" a lot of the impressiveness of the early version of ChatGPT.
Oh, and always enable as much thinking as you can tolerate to wait on for each question. In my experience, less thinking = more sychophantic responses.