Memoization is a powerful technique that can enhance the performance and readability of your functional code, but it also comes with some challenges and trade-offs. It can reduce the time complexity of your code by avoiding redundant computations and function calls, and preserve the purity and referential transparency of your functions, making them easier to reason about, test, and debug. Additionally, it can leverage the immutability and equality of your data structures, resulting in more consistent and reliable code. On the other hand, memoization can also increase the space complexity and memory consumption of your code by storing the results of every function call in a cache. Furthermore, it can introduce complexity and overhead in your code by requiring you to implement or use a memoization mechanism, such as a wrapper function or a library. Lastly, it can depend on the characteristics and assumptions of your functions and inputs, which means that your code may not benefit from or even break with memoization.