This technique is used on the iOS home screen - both the icon images and the rendered icon labels are stored as uncompressed bitmaps on disk and mmap'd when needed into memory. The fast loading allows SpringBoard to aggressively recycle icon views.
FIC really pays off in a scenario like Path's mobile app. We have many, many small-to-medium-size user images to display, and those images are competing for CPU time with all of the styled text labels we're drawing. The less CPU we have to devote to images, the faster we'll be able to scroll.
Well, Path is amazingly smooth for how much styled stuff is in it, so nice work :) The UI really does stand out in how well it's done.
We didn't go the route of caching the uncompressed data on disk, though, we just keep the images in a maintained in-memory cache.
Even on the 5 I was surprised by how much it helped to have the images cached (no anecdotal data on the 5S as it came out way after we started caching)