<shrug> Having two caches is pointless. Adding Varnish would duplicate quite a bit of what memcached does. Each object may have its own ttl. That is not a unique (or even noteworthy) use of Varnish.
LoL

Really, so easy to dismiss just trying to contribute, Varnish is an HTTP cache engine, Memcached is an engine that allows storage of data to memory, theyre not the same so they cant be compared so black and white me thinks.
In fact surely they idea is not that idiotic , i.e if a visitor has no login session cookie then nginx will serve the page cache from Varnish, and then additionally even with the session cookie you can serve content generated from memcache but stored in varnish all offloading work from nginx and most likely reducing cpu usage and internal network bandwidth. Its highly configurable and you shouldn't treat is a dumb cache.
But its a bit hard to make a sweeping statement without knowing the internal bottlenecks generated by the attack.
just another 2 cents to the original 2 cents. or should i say 0.02 btc.