Its been a long wait. Yesterday I discovered that MySQL 5.1 is generally available. And the good news is prepared statements in mysql 5.1 can utilize the query cache 
Previously, the most elegant work around when issuing prepared statements from PHP was to emulate prepared statements client-side using PDO. The other obvious alternative is to not use prepared statements!
If you’re not using prepared statements maybe you should take a look. It’ll save you. Promise. MySQL 5.1 is generally available but I’m not so sure the package maintainers have got a chance to include it into the major distros as yet.
If you’re still on MySQL 5.0 or less… beware! Prepared statements are not stored in the query cache 
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