I really enjoyed this write-up as well! But I couldn't tell from the post: does it have a distributed mode like groupcache? (I think the answer is no). I think nearly all decisions in groupcache are because of the word "group" :).
Similarly, it would be great if there's a "safe mode" instead of the (IIUC) "start dropping Set requests when overloaded". You'd naturally want most applications to be prepared for your cache to get blown away, so you should be prepared for it to be lossy, but I'd certainly want a knob for that :).