Working with Normal Page Cache?

First, this is a great module. You'd think something like this would be built into the normal Block Module.

Anyway, I was wondering how Block Cache works with normal Page Caching which you can find in admin/setting/performance.

I mean, when I set the Page Cache to a "minimum cache lifetime" of -- say -- 15 mins, does that include the Blocks? Conversely, when I set the Block separately using Block Cache, how does that effect, if at all, the Page Cache?

Thanks for any help.