I totally disagree.
Yes of course it looses that a little bit "wow" feeling you had the first time around. But that's just like with twist endings. If the movie is good you can easily watch it again even with stuff like that.
But if you think that a film is not good when watched more than once because it has that "surprise factor"-style to it, which isn't worth it the second time in your opinion, then the movie can't be that good in it self really... Or maybe it is, but you just don't appreciate much of it, except for the style or that specific element. Not saying that's you but just talking in general here.
I feel like that's like saying Se7en isn't great when you know the killer or that Fight Club and The Usual Suspects both suck and can't be seen twice when you are aware of the twist.
It's not knowing what happens in the movie that I find that Nolan's movies lack repeated viewing value. It's that his movies lack those things that makes me want to watch a movie repeatedly.
Movies that I want to watch over and over are movies that are full of moments that I want to relive, characters that I love and want to revisit or that I emotionally connect to and want to feel that connection again. It makes no difference to me that I know who died or who the killer is.
Memento is acted well. It's constructed extremely well. I like the movie. I just think it's a movie that is never going to be as good as it was the first time as I feel about most of his movies. They just feel a bit empty to me.
Nolan has interesting ideas and he's great at construction. The idea of the movie makes me want to see it and the way it is put together makes me interested (most of the time) as to how it's going to all work out. It's like a drawing that has a great outline but no one payed attention to the details.
I wish he had interesting dialogue, complex characters, emotional connection something that made him more than a conceptual director to me. Sure some of his movies have examples of each of those but as a whole, I find him a little bland.
I may sound a little more harsh than I mean to because I think his strengths are really strong, but I get just about everything I'm going to get out of a Nolan movie first time around.