Can you recite Romans 6:23 and Romans 3:23? Could you give a brief summary of what the book of Romans is about, who it's written to, and who wrote it?
Which is more important? Oh, come on. They're both important. But we put a pretty good emphasis on scripture memorization (at least our church does.) But I think we put very little emphasis on biblical literacy. I would biblical literacy as knowing the overall metanarative of the Bible as well as general knowledge of the content of individual books, passages, chapters, etc.
Why is biblical literacy important? I think in today's world, we are much more apt to have a Bible available in moments of need. When someone is struggling with self righteousness, wouldn't it be good to know that the book of Galatians is pretty much all about self-righteousness? When someone you're struggling with depression, wouldn't it be great to be able to point to a few psalms of lament? (I can't do this off hand.) How about when you're looking to pray in public, wouldn't it be good to know where a couple of good prayers are in the Bible.
That's just half of it. The overall metanarative is the most important. If we want to know the main character of the Bible (God), then we need to know how he is revealed in the overall story. We would never go the the Lord of the Rings and read one thing about Frodo and use that as what we say about him as a person.
My question, is how do we teach this? How do we teach biblical literacy to our kids? Teaching our kids 100 memory verses is pretty straight forward. I don't want to teach my kids 100 Bible stories that tell them to have courage like David or wisdom like Solomon. I want them to know that God is a covenant God of steadfast love. I want them to know how that is revealed in different ways throughout the Bible. Tough, huh?! What do you think?