We use the latest version of W3TC, and have had the Page Cache enabled, with the Disk Enhanced method.
In our templates we use the mclude to execute some PHP on otherwise-cached pages:
<!-- mclude PATH-TO-PHP-FILE --><!-- /mclude -->
That has been working well for us.
We recently updated the Page Cache method to use Memcached setting rather than Disk Enhanced.
It seems that the mclude-based PHP no longer executes on cached pages. Is that to be expected with Memcached-based Page Cache? Can we make any adjustments to continue executing our mclude-based code?