We are currently learning the poem, "The Owl and the Pussycat" off by heart. A classic poem, with an easy rhythm it is relatively easy to recall and supports our learning about rhyme, rhythm, imagery and pattern in poetry.
Personally, I like it when a class learns a poem, because it also encourages and improves their performance skills and how to deliver lines. This is great for boosting self-confidence, which can be no bad thing.
Some studies claim that learning poems comes with a range of benefits, including an improved vocabulary. MENSA - the organization for people with higher than average intelligence - suggest that memorizing poetry is a great way of improving language use and understanding of new vocabulary in context. It can also make you sound smart and is handy for quizzes - so whether you are being highbrow or shallow, learning poetry is a great idea.