Basically this book is a historical record of milestones your baby achieved over it's infancy. Measurements, when baby first smiled. when he turned over, started crawling and then walked, etc.
In your child's memory book you want to include things like their milestones and special memories you have about them. Like their first smile and something they did that used to make you laugh.
Things you are likely to forget, such as height, weight, immunization records, and dates of milestones are always good. I also think it is nice to write down cute anecdotes of things the child has done.