My older boy was the same way. I still have that freaking movie memorized (and it is one of my least favorite Disney movies).
I am surprised, though, by how many times my older kids and my wife can still re-watch the same thing. I think it is comfort with the known; I am much more of a risk taker than they are.
I had to endure The Sound Of Music at least 20 times with my 3-year old son. Now that he is a little older he has moved on to more entertaining fare such as Cars and Shrek. I am dreading the transition to Transformers however.
Beyond that, I completely agree with you though.