[development] Memcache API and performance options

[Don]

Hi,
I've inherited a Drupal System (Drupal 6 latest) that uses the Memcache 
API. It looks like it hijacks the regular read and write functions for 
local caching.
The site also has all of the performance options turned off. From what I 
can see these are still needed, but I'm wondering if anyone else has 
experience with it.
Any suggestions on options?

Thanks.
-Don Pickerel-