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Matt, from the ever excellent MySQL Performance Blog, decided to run a test using a simple scenario drawn from his client experience in the gaming space. The scenario: read a row based on a primary key, update the row, write it to disk, and use the row to lookup another row. Matt ran three different tests explained in a series of three different articles: MySQL and MySQL + Memcached, Memcached Only, and Tokyo Tyrant.
The lovingly compiled details along with many cool graphs are in the articles, but in general the lessons learned are: