You have to know the key to map it to a server and RAM location, but I
do not see any reason why you should have to store it.
The only explanation seems to distinguish values after a hash
collision, since you can not even iterate over the keys.
I might provide it as an engine at some point,
Billion items can be represented using about 30 bits. Using binary protocol
you can have 4 byte keys assuming some fantastic hash function or a bad one
if collisions is not a problem but at client end not in memcached. With
ascii protocol the number of bytes would probably double.
Thanks
Rohit