Merb's radical (but very cool) new caching mechanism
merbunity.com
merbunity.com
I guess the tricky part is that side effects (e.g. another process modifying the database) are pretty much unavoidable with current architecture.
Even if your whole dataset fits into RAM, you may still have that one O(2^N) algorithm that doesn't need to be run for every request. Voila! A perfect application for caching.
Making this pluggable to support both ASP.NET and memcached, would be a simple matter of writing a wrapper class and defining a simple interface. Should be done in about 30 minutes with minimal loss in features.
This has been around since at least 2002. So I'd hardly say there is anything radical about this.