memoize seems to fit into functools fairly well, though deprecated not so much. functools is similarly named to itertools, another module that is kind of vague in scope (though functools is much more vague). partial would make just as much sense in functools as in functional.
Couldn't we merge functools and functional into just one (user- visible) module? The distinction between what goes into one vs the other is exceedingly subtle and poor users will be guessing as to what's where. If we need a mixed module with something in C and something in Python, we can do it the usual way, func.py wrapping _func.pyd (or .so or whatever)...
+1 on putting the tools all in one module.
With respect to decorator entries, I would like to see python-dev collectively decide to show restraint. There are so many ways to write and use decorators that best-of-the-best are not yet obvious. Hopefully, collections of decorators will be allowed to grow-in-the-wild as recipes and as third-party modules before being put into the core. Georg's proposal seems like a good candidate for a first entry -- its chief virtue being that it may help people avoid writing crummy decorators. If his goes in, hopefully it will not fall down a slippery slope and trigger an avalance of immature decorators being added to the core.