Question 2: Will out-of-date data really hurt? Some data absolutely, positively has to be up to the millisecond, but you’d be surprised how often I see data frequently queried out of the database when the freshness doesn’t really matter. For example, one client discovered they were fetching live inventory data on every product page load, but the inventory number didn’t even matter at that time. During sales, the only inventory count that mattered was when the customer completed checkout – inventory was checked then, and orders only allowed if products were still in inventory then.
There are some good questions in here which can help figure out what can fit in a cache and what really needs to be fresh.