If you're designing a system for high load (which usually implies high reliability), having a single point of failure is never a good idea. If the service providing the consistent view goes down, at best your performance decreases drastically as the database is queried for everything and at worst, your whole application stops working.
In your question, you seem to be worried about consistency. If there's something to be learned about eBay's architecture, it's that there is a trade-off to be made between availability/redundancy/performance vs consistency. You may find 100% consistency is not required and you can get away with a little "chaos".
A distributed cache (like memcache) can be used as a backing for a distributed hashtable which have been used extensively to create scalable infrastructures. If implemented correctly, caches can be redundant and caches can join and leave the ring dynamically.
REST is also inherently cacheable as the HTTP layer can be cached with the appropriate use of headers (ETags) and software (e.g. Squid proxy as a Reverse proxy). The one drawback of specifying caching through headers is that it relies on the client interpreting and respecting them.
However, to paraphrase Phil Karlton, caching is hard. You really have to be selective about the data that you cache, when you cache it and how you invalidate that cache. Invalidating can be done in the following ways:
- Through a timer based means (cache for 2 mins, then reload)
- When an update comes in, invalidating all caches containing the relevant data.
I'm partial to the timer based approach as its simpler to implement and you can say with relative certainty how long stale data will live in the system (e.g. Company details will be updated in 2 hours, Stock prices will be updated in 10 seconds).
Finally, high load also depends on your use case and depending on the amount of transactions none of this may apply. A methodology (if you will) may be the following:
- Make sure the system is functional without caching (Does it work)
- Does it meet performance criteria (e.g. requests/sec, uptime goals)
- Optimize the bottlenecks
- Implement caching where required
After all, you may not have a performance problem in the first place and you may able to get away with a single database and a good back up strategy.