CachedModels hit 0.0.2.
First of all, I transformed it to a Ruby gem, so you can use it outside Rails! Second, I dramatically enhanced performances, avoiding useless cache lookups and expirations. Take a look at the new benchmark stats: 1000 requests with a level of concurrency equal to 100, tooks 6 fewer seconds, if compared with standard ActiveRecord.
I strongly encourage you to upgrade to the newer version.