Memcache providing a large of amount of misses, some bins miss 100%

Running Drupal 6.26 (without pressflow), on an Ubuntu 12.04 instance hosted on Amazon EC2. I have boost, APC and memcache installed and working. Using Memcache API to cache within drupal. Memcache is performing poorly. Here is my current setup in settings:

$conf = array(
	'cache_inc'        => './sites/all/modules/memcache/memcache.inc',
	'session_inc'      => './sites/all/modules/memcache/memcache-session.inc',
	'lock_inc'         => './sites/all/modules/memcache/memcache-lock.inc',
	'memcache_servers' => array(
	'127.0.0.1:11211' => 'default',
	'127.0.0.1:11212' => 'block',
	'127.0.0.1:11213' => 'content',
	'127.0.0.1:11214' => 'filter',
	'127.0.0.1:11215' => 'form',
	'127.0.0.1:11216' => 'menu',
	'127.0.0.1:11217' => 'page',
	'127.0.0.1:11218' => 'update',
	'127.0.0.1:11219' => 'views',
	'127.0.0.1:11221' => 'session',
	'127.0.0.1:11222' => 'users'
),
	'memcache_bins' => array(
	'cache' => 'default',
	'cache_block' => 'block',
	'cache_content' => 'content',
	'cache_filter' => 'filter',
	'cache_form' => 'form',
	'cache_menu' => 'menu',
	'cache_page' => 'page',
	'cache_update' => 'update',
	'cache_views' => 'views',
	'session' => 'session',
	'users' => 'users'
),
);

in apache2 php.ini:

extension=memcache.so
memcache.hash_strategy="consistent"
extension=apc.so
extension=uploadprogress.so
apc.shm_segments=1
apc.shm_size=128
apc.stat=1
apc.ttl=0
apc.user_ttl = 0
apc.gc_ttl = 3600
apc.cache_by_default = 1
apc.max_file_size = 1M
apc.rfc1867 = 1
apc.rfc1867_prefix = "upload_"
apc.rfc1867_name = "APC_UPLOAD_PROGRESS"
apc.rfc1867_freq = 0
apc.rfc1867_ttl = 3600

Cron report:

PHP Warning:  Module 'apc' already loaded in Unknown on line 0
PHP Warning:  Module 'memcache' already loaded in Unknown on line 0

APC misses about 2 - 3% with very little fragmentation.

Memcache for default bin is as follows:

Sets 0.07/s; 332 sets (29.70%) of 1,118 commands
Gets 1.97/s; 786 gets (70.30%); 575 hits (73.16%) 211 misses (26.84%)
2.24 MB:4.14 MB (54.19% to cache)

page bin as follows:

Sets 0.02/s; 4 sets (10.81%) of 37 commands
Gets 0.05/s; 33 gets (89.19%); 2 hits (6.06%) 31 misses (93.94%)
27.97 KB:13.35 KB (209.53% to cache)

Any help would be greatly appreciated.