You already erase most of the memories of a normal uneventful day, and only retain lossy-compressed cues of what you do remember.
Right, but the kind of memories people would redact are specifically things they can't forget. Presumably these are very important things, which might have practical implications on my life.
What if you could choose which memories and associations to retain and which to discard? Using that capability rationally (whatever that word means to you) would be a significant challenge -- and that challenge has just come one step closer to being a reality.