Hi there,
A cached page is a copy of a final page that is stored for quick retrieval later.
Caching is mostly useful when a) it's expensive to build the page (look up stuff from a database for example) and b) the page contents are relatively static (since the page is cached for the entire server, it's difficult to store user specific data).
The first time a cachable page is requested, its output is stored and returned on subsequent requests; hence the lack of the life cycle. You can store specific versions of a page based on parameters. For example, Product.aspx?Id=23 that shows product 23 can have its own copy, just as Product.aspx?Id=345
For more information:
http://msdn.microsoft.com/en-us/library/hdxfb6cy.aspx
http://www.google.com/#hl=en&source=...10401dfb0a78c2
Cheers,
Imar