I wonder why do you think so? Here's a sample test of plain and memcached mysql vs tokyo tyrant (http://www.mysqlperformanceblog.com/2009/10/19/mysql_memcach...) It was done without the additional inserts for the index table... I don't see how it can be anywhere close to the TT's performance for example. While mysql's replication is very easy, TT's replication is trivial. Backup is probably comparable - just flush and snapshot...
Unless you're comparing it to mysql+MC. Then yes - mysql's performance at 99.8% hits to MC can be ignored. We're left comparing MC with something else. Things might change dramatically if you have a write-heavy application. Or when you have more data than ram. Author's benchmarks will always show great results - let's wait for some real-world data.