The slides for my talk on "APC & Memcache the High Performance Duo" are now available here: Barcelona_APC_MEM2010.pdf. Thanks to all the attendees for listening and asking questions, hopefully there are a few converts to APC/Memcached resulting from this talk .
Ironically, your "right way" (slides 14 and 15) is obviously wrong, because memcached *does* return false, and your code is following 'Not found' branch if !== false. It should use === instead.
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