Even though Ehcache has been popular among Java systems, I find it less flexible than other caching solutions. I played around with Hazelcast and yes it did the job, it was easy to get running etc and it is newer than Ehcache. I can say that Ehcache has much more features than Hazelcast, is more mature, and has big support behind it.
There are several other good cache solutions as well, with all different properties and solutions such as good old Memcache, Membase (now CouchBase), Redis, AppFabric, even several NoSQL solutions which provides key value stores with or without persistence. They all have different characteristics in the sense they implement CAP theorem, or BASE theorem along with transactions.
You should care more about, which one have the functionality you want in your application, again, you should consider CAP theorem or BASE theorem for your application.
This test was done very recently with Cassandra on the cloud by Netflix. They reached to million writes per second with about 300 instances. Cassandra is not a memory cache but you data model is like a cache, which is consist of key value pairs. You can as well use Cassandra as a distributed memory cache.