I'm a bit biased, but I'm not as optimistic as some.
memcached had a design similar to redis when I first got involved with it a few years ago. It was fine for a lot of systems, but didn't scale to the larger ones. It took a lot of work for us to get it to the point where it could saturate all of the cores you could give it.
If anyone can ever produce a benchmark where memcached does not perform better than redis, please file a bug in memcached, or at the very least, start a conversation.
The closest I've seen were tests that degraded to client tests. In one case, someone took a very poorly performing memcached client and compared it against a very well-tuned redis client and a couple of relational databases and showed that memcached was the slowest of all. sigh
In most of these cases, the test environments perform at the very least an order of magnitude slower than what I get on my development laptop (I have no trouble sustaining 90k writes per second with either of a simple c++ thing I threw together yesterday or my high level java client).
On real production-quality machines with good networks, 300-400k ops per second isn't hard to achieve. Even between two old "large" (2 core, 7GB) EC2 nodes, I've been doing 90k ops per second all day (which is somewhere around the point where they start to throttle my bandwidth).