The cache is of the form tag.
This is a large, multi-part form where selections at the top change out the form content below.
So I've been experimenting with caching the form tag reference before the new html content is added below, then using the cached form tag with $.find to get references to the new html content.
I can't provide an example where this doesn't work because it is working wherever I test it.
I'm just surprised that this is the case.