You could easily say the same thing about books (it probably was). I think not having to memorize vast quantities of information frees my time for establishing connections between that information and seeing larger patterns. By way of example I have a periodic table hanging on over my desk. SOme of hte information I have memorized from repeated use but most of it? No. Why bother knowing the atomic weight of say Lanthanum when all I have to do is look it up?
I appreciate the efficency of books, computers, etc.. As my late father said "it's better to have a short pencil then a long memory".
Never underestimate the power of stupid people in large groups
The fact is that we are treating the internet as part of our extended cognitions. I think overall the trend is beneficial, since it extends the amount of information we consider before making judgements.
The world is impossibly complex, so why memorise something that you don't need to?