Knowing your Bible is one of those mega-goals for a lifetime, something that's worth spending lots of time, energy and effort on.
Of course, the goal isn't Bible knowledge alone. Even the devils believe -- that is, have intellectual knowledge, see James 2.19 -- but our goal in Bible reading is to know the one who wrote the Bible -- our God, the Lord of Heaven and earth.
A buddy and I have been having an ongoing argument about Bible translations. I think that most modern translations are terrible mistakes, not in themselves, but in the sense that they tend to prevent people from ultimately learning the Bible. People who skip from translation to translation don't memorize and when we don't memorize, we don't have those mental "hooks" that enable us to think theologically. What it comes down to is that a society which is awash in copies of the Bible has a church that doesn't know the Bible as well as illiterates did a thousand years ago, a time when people thought biblically, and lived in a society with a common parlance in the Scriptures.
I just found out about this plan last night. Obviously, I haven't put it into effect. But I am impressed by what it might enable us to do.
Professor Grant Horner's Bible reading plan