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can be outperformed by newer algorithms

I'm interested to hear more about this. There's CAR... what else?

As an aside, ZFS's ARC algorithm differs a fair bit from IBM's -- a case of theory which then met reality. I don't recall the details though, alas.

Off of the top of my head: CLOCK-Pro [1] - an approximation of LIRS [2]

It's quite popular, I remember that MySQL and one of the BSDs use it.