I went through a phase where I consumed psychs almost daily for over year and can testify that it had effects on memory. Not like my memory wasn't working, in fact, it was working very well when I focused on something, just wan't working normally. I'd kinda go into an inward trance a lot even when I wasn't tripping. Started missing cues in the real world to the point that I'd drive around town (while not tripping so save me the lecture) and keep missing exits and turns and stuff. A 10 minute car ride would sometimes take over an hour. That subsided pretty quickly after stopping psychs, but it took a few weeks to snap out of it. I don't see memory impairment long-term being a real issue.