It’s not yet feature complete, but it is getting there.
In Croy’s own words:
Right now it has basic functionality of being able to “get” a key, “set” a value, “delete” a value and increment/decrement values. There’s still a few functions unimplemented, but I think it’s in a usable state right now.
Memcached is a free and open source, high-performance, distributed memory object caching system.
You can read the full release announcement here.