I made a simple testcase.
default.asp:
<%=now%>
web.config:
<?xml version="1.0" encoding="UTF-8"?>
<configuration>
<location path="default.asp">
<system.webServer>
<caching>
<profiles>
<add extension=".asp" policy="CacheForTimePeriod" kernelCachePolicy="DontCache" duration="01:00:00" varyByQueryString="*" />
</profiles>
</caching>
</system.webServer>
</location>
If i request default.asp 2 times the page's get cached en the datetime value says the same for a period of time but not for the whole hour.
To test this open default.asp request the page until it is cached then wait for 5 minutes and refresh the page.
I am using Windows 7 + IIS7.5