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mrMister - 12:10 am on May 5, 2005 (gmt 0)
Deadly for dynamic sites and ecommerce. Just what I was thinking, especially in conjunction with my 3rd point. In theory, it could add an item to your shopping basket, but it will show you the cached version of your on-page shopping basket and you'd be none the wiser unless you double check your basket contents on the checkout page.
if the page has been modified since the last cache, Google will still show you the cached version.