Is there any theory that says that a cache should be faster than a file system?
I think that since the file system also uses caching there is no scientific proof that we should move content from file system to a cache such as memcache when the concept of file system is somewhat loose -- like downloading a "file" could be the same as downloading a memcached object.
My concrete example is whether to host a template engine via memcache or file system. Does it matter?