Hi Pankaj,
Here at nasza-klasa.pl we use a patch that I have described in this
post: 
http://groups.google.com/group/memcached/browse_thread/thread/31d34fbf4a3184ef#
This patch performs the garbage collection eagerly, wich as a by
product gives you a curr_item which is always equal to nonexpired
elements count.
We have been using this to monitor the real memory consumption on
memcached servers, for over 3 months now without any problems.

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