As a Drupal developer and recent memcache convert, I now know the joy of speedy caching.

Memcache actually comes with 2 modules: the main memcache code as well as "memcache admin" which, as far as I can tell, is really only necessary during devlopment and testing of the site (sort of the same way the Views UI module can be disabled after a site goes live).

When using Memcache with Drupal 5.x (it hasn't been ported to 6.x yet, but there is some ongoing work), there's a big "gotcha" that has gotten me on more than one occasion - the "show memcache statistics at the bottom of each page" option on admin/settings/memcache.

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