Spaced repetition is a method of algorithm fueled memorization. As you work to memorize the card, you manually indicate wheter you need to review it again, if it was hard to recall, if you did good, or if it was easy.
When a new flashcard is introduced and short-term memorization is reached, the interval for review is incrementally pushed further and further out each time it's been recalled successfully. The interval is larger if you indicate good or easy. And saying that you need to review it again, places the card into a lapsed state where a short period of intense review occurs.
What happens funcionally is that the cards that you memorize easier (for whatever reason) quickly get kicked far into the future since they need less review. And the cards you struggle to memorize are shown to you more often (Spaced repetition focuses on what is least known). Because you focus on the most difficult cards more often, your time is spend more effiently than if you were reviewing a bunch of cards you already know.
This method is good for memorizing large amounts of data, and being able to hold it in your head for indefinite amounts of time. Personally, I'm using this technique to memorize the Book of Mormon (Memorizing the Book of Mormon). It's one of the methods talked about by Scott Young in Ultralearning (Ultralearning).
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