Not for the faint of heart but I have Drupal that boots without SQL using memcached. It's fast. Very. If you have a focused site, you can gain from running a code coverage script and moving everything to conditional includes that's not used on the focus-pages. You can easily get several hundreds of requests from one small machine.
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Nice achievement, earth would be a better place, if this would make into D7 core.
Recently, I worked on something similar in goal, but with different techniques. I achieved 8/9 queries per request (auth and anon users) just with a custom module, a custom theme and overloading cache.inc for memcached. I can't recall, but I think session table was not in memory, but in db.