The last month I have been working in Query Memcached, a plugin that replaces the Query Cache that comes with Rails, adding a Memcache layer for persisting the query's cache between requests. That means that the cache does not expire at the end of the request, because it is stored in Memcached.
If you are not familiar with Query Cache, you only have to know that it's a very simple caching system from ActiveRecord that stores in memory all the queries performed during a request. If a query is fired more than one time, it will be in cache, so the database won't be affected.
The adventages of my approach are evident: you only use the database when some table has been modified or when a new query is executed. So you can get a notice an important speed improvement.
It is ideal for pages which have a lot of customization for the user logged in the application: in that cases it is very difficult to cache fragments or pages, because of the expiring of all that cache, and so many things.
Cache expiring
For expiring this cache, each Memcached key contains a sum of all the version numbers of the tables involved in the query. If one of that tables is modified, then the version number for that table is increased.
For example, the query below involves the table items and the table places:
So, the version for the cache of that query will be the sum of the cache version of the table items and the cache version of the table places.
Disclaimer
We are using this plugin in two on-line web projects: unvlog.com and iwannagothere, and everything seems to work fine (and faster than before), but these sites don't have so much traffic (about 30.000 req/day), so, there are stille possibilities that appear bugs and "unexpected behaviours".
In spite of all that, if you still are encouraged to try feel free to ask me anythin.
More information at README.

Hey, yo te he leído en China On Rails.
:P
Congratulations, you made it to the Rails Envy podcast! :p
¡Buen viaje!
@mort: Thanks!
Felicidades
Felicitaciones por el trabajo, salieron en todos los sitios relevantes de rails :D
Looks great!
Is postgresql support coming in the future?
Hi don!
I don't think so becaus I don't use PostgreSQL, but feel free to fork an implement it! I'm sure it will be as simple as MySQL :)