IMO it should, but right now I use a SQLite database as a permanent cache, so the video will never change. As soon as I get the urge to slack off some more, I'll just plug in Django's memcached support and set the expiration to a day or two.
Are you shocked that it works or shocked that I would be so stupid as to use SQLite? I expect extremely low load and that I'll have plenty of time to move to memcached and no database...
