No, you could still have one cached copy for everyone. The SSL termination happens before the user's request gets to the caching server. As far as the cache is concerned, it is a regular http request. The only problem is you cannot have generic caches that live closer to the end user; the cache has to be controlled by the person controlling the SSL termination.

So you're talking about caching the cleartext and then encrypting it for each client, which is totally doable.

I (possibly mis-) understood the original comment to be claiming that you could cache the ciphertext, to which I just wanted to make sure I wasn't missing some huge piece of understanding.