Came across to this defect with ASP.NET RC refresh while using VaryByParam="" instead of VaryByParam="None".
Caching WORKS, but page http://www.yoursite.com and http://www.yoursite.com/home/index will be cached separately it seems.
What is the difference between VaryByParam="" and VaryByParam="None"?
edit : I mean VaryByParam="" not VaryByParam="*" cause the bug still exists with VaryByParam="*"