I use ASP.NET and WCF services in a load balanced web server environment, using Memcached in the service layer.
I also wanted to replace the use of ASP.NET State Ser
http://www.codeplex.com/memcachedproviders has a session state provider for asp.net that stores values in memcached. It provides the ability to backup the session data in ' SQL Server. As yogman said the session data is stored as one value. If an eviction happends, whole session for that user is lost and user will be directed to the login screen. Memcached doesn't evict any data before expiration unless it is running out of space to hold new data.