The more that you keep in your head for later means that you have more information with which to provide a context for other information.
An example: I've been reading Noam Chomsky's book on the Balkans, and I remembered a few things he said. When I saw that Kosovo declared independence via the BBC I had a better understanding of how important that was. This type of stuff doesn't happen when you're sucking info from the internet on demand. When I see some news article, I don't lurk around Wikipedia for an hour researching it, I skip it.
FWIW, knowing is still important. The internet does not replace your brain. It replaces books (kinda).