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Here's our use case. We've got a log processing application using Memcached as a distributed counter. One log entry generates approximately 500 increments. Because these need to be executed individually, network latency is creating a bottleneck. All other operations are run in parallel. I expect that a batch-increment feature would increase log processing speed by a factor of 2 or 3x, from 500ms to about 150ms.
I could also see the use of batch modes for all standard memcached operations - store, remove, append, prepend, increment, decrement.