The chronological structure of the movie is absolutely essential to its effectiveness. The black and white sections serve to set up the background--they're all exposition, but they're necessary to understanding the story, and they wouldn't really work anywhere else.
The color sections must be told in reverse chronological order. It simulates Leonard's condition for the audience. Leonard comes to each scene unaware of what led him to that point, and so do we as an audience.
For a couple of other reverse chronological order movies, you can try Irreversible a French movie starring Monica Belucci and some French guys about a man seeking revenge for the brutal rape of his girlfriend, and Betrayal which is about an extramarital affair.
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