since we upgraded to 1.9.4 we have facing same problem
although we reinstalled fedora again but still same problem.
caching of youtube videos are listed in the directory youtube while you go to http://severname/videocache/youtube
files are not listed.
this is causing the tail -f /var/log/videocache/videocache.log
to show the file is being served from the cache while it is not it still using real bandwidth.
we think the problem is with the httpd extensions .
Please post your videocache.log on http://pastebin.com/ .