"cache-money" - how to configure and get it working?

hi, guts,

I am trying to give cache-money (http://github.com/nkallen/cache-
money) a go.

Sadly, one the steps in its documentation is not very complete.

-------- Extract start -------------------------------

Step 2: Configure MemCached.

Place a YAML file in config/memcached.yml with contents like:

test:
  ttl: 604800
  namespace: ...
  sessions: false
  debug: false
  servers: localhost:11211

development:
   ....
-------- Extract end -------------------------------

1) How do we run cache-money for the development environment?
2) Can anyone please define what the "namespace" is to be?
3) can the ttl (ie 604800) and localhost:11211 values be used for
development, test and production environments?
4) what is "ttl"?

Has anyone had any luck getting it to work?