Rails 3 Fragment Caching Output Issue

I am running into an issue when looking into fragment-level caching within my Rails 3.0.4 application with memcached. I am a bit confused with what is going on, but I think it's something to do with the way the output is being pulled from within the caching region. I am running memcached locally in -vv mode, and can see the key for the fragment getting saved/pulled correctly, the problem is the value of the item within memcached.I am running into an issue when looking into fr