the memcached start script should be enhanced to run after ntp-client and ntpd. Background: if a machine freshly comes up with an odd time set due to bios clock, e.g. two days in future, then memcached might start anytime as told in the runscript because only "need net" is mentioned. So it CAN start before ntp-client and ntp. That way it has a wrong time information during start and it gives strange effects: Stores to memcached are accepted with "STORED" but cannot be retrieved as "now()+cachetime < timeinformation for memcached (=tomorrow)". In that case, restarting memcache helps, but it's quite odd to find the reason for this strange behaviour, and it could be avoided with a correct need or after flag in the startscript.
Fixed in 1.3.3-r2