I am trying to understand what would be the need to go with a solution like memcached. It may seem like a silly question - but what does it bring to the table if all I need is to cache objects? Won't a simple hashmap do ?
Quoting from the memcache web site, memcache is…
Free & open source, high-performance, distributed memory object caching system, generic in nature, but intended for use in speeding up dynamic web applications by alleviating database load.
Memcached is an in-memory key-value store for small chunks of arbitrary data (strings, objects) from results of database calls, API calls, or page rendering. Memcached is simple yet powerful. Its simple design promotes quick deployment, ease of development, and solves many problems facing large data caches. Its API is available for most popular languages.
At heart it is a simple Key/Value store
A key word here is distributed. In general, quoting from the memcache site again,
Memcached servers are generally unaware of each other. There is no crosstalk, no syncronization, no broadcasting. The lack of interconnections means adding more servers will usually add more capacity as you expect. There might be exceptions to this rule, but they are exceptions and carefully regarded.
I would highly recommend reading the detailed description of memcache.
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