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At what point memcached shows its usefullness depends on your script and server. Can you get away without it with a million pageviews per day? Depends but either way you can probably still benefit from memcached so why not use it when it's free? Another way to look at it is a slightly slower server with memcached may perform just as good as a more expensive server without.
Like I said before if you are on a single server APC is typically much better.
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