Well, I'd like to thank everyone for their help.
The solution end up having to do with the ODBC connection. I had created the ODBC connection via vbscript which caused the problem because ........ The "Test Data Source" had not been selected.
I tested this on three other computers and the Memo field worked. Why? I dunno, but it works. I have disabled the script from my GPO and created a MSI to push out my ODBC connection and everything is working as expected.
Case Closed.