Memcache problems

Hi, I've been having some problems with memcache lately. It seems to me that php is dropping connection to the memcache server mid way through the scripts. I've sat the failure_callback to log failures. And I'm getting a lot of them. Several every minute. I'm quite stuck now and realy dont know where to go from here. I've tried to telnet into the server. And there is no problem with either set nor get commands. I've started the memcached daemon with -vvv to see if I can dig anything interesting from the logs, but I can find no errors of any kind in them. There is also no errors that I can find in the php_error log. I would appreciate some help, if anyone have any ideas of what is going on. thanks.