@jderick: Specifically, it functions the same as a cache with a random removal policy, assuming a good hash function. So a cache and a Bloom filter are opposites: the first knows when something hasn't been seen, and might know when it has; the second knows when something hasn't been seen, and might know when it hasn't. The only difference between this and a normal cache is that we're dropping the values.

On that subject, you might as well have an LRU valueless cache if locality is going to play a role.