Redis will only evict data when it's explicitly removed or expired, and it will store as much data as you put into it.
memcached will evict the least-recently used data based upon memory pressure, and will only use as much memory as you configure it to.
They overlap in functionality, but I find they work better in complement to each other than having one replace the other. Redis for data you want to persist, possibly with a timeout -- user sessions, for example. memcached for data you want to cache, as long you have the free memory for it.
Probably not as fast as memcached, but one situation where it would be appropriate is if you're already using redis in your stack for something else (fast writes). Rather than adding another piece of complexity to your stack you can instead get double use out of redis as a cache as well.
maxmemory-policy allkeys-lru
How do I know? We ( http://bu.mp ) push 100s of GB though redis every day in LRU mode.
Basically, I exactly agree with the GP's use cases. ACID for things I want to keep, redis for small things that need to be fast (sessions, stats counters, etc).