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If you have have 'django.middleware.cache.UpdateCacheMiddleware',
and it's twin 'django.middleware.cache.FetchFromCacheMiddleware',
in the MIDDLEWARE_CLASSES
then please remove them.
The effect you see is due to caching whole pages - including the header part on top.
Even without the page caching now you will get benefit from your memcached instance - because site settings are cached heavily. Settings are used many times in the course generating output.
We are planning some work to improve support of caching, some things can be done very easily.