memcached is a memory based key-value database. LightCloud is persistent i.e. data is saved to disk. I'll make this more clear on the website.
You could also store this in MySQL, but generally, storing key-value data is not the force of a relational database such as MySQL and LightCloud (and other key-value databases) are optimized for this kind of storage.
This said, Tokyo Tyrant performs better than memcachedb and offers more features (such as master-master replication and Lua scripting).
I posted a comment a while back on Tokyo Tyrant vs. memcachedb: http://news.ycombinator.com/item?id=480055