I guess I sort of knew this was the case all along, but it just blasted me. One of my friends runs a small e-commerce site and she ran a big sale for ten days in mid-January. It ended Jan 17.
The problem is, she gave the sale a catchy and memorable name. Now some customers are still finding the cached pages that offer the discount, but only if they search on that unique sale name. The cached page says "as it appeared on January 17".
All other query terms show a different cached page - one that says "as it appeared on February 4".