IsolatedStorage as a Silverlight object cache

Someone posed this question (“Can you use IsolatedStorage in Silverlight as a more reliable browser caching technique?”) to me and I answered with my usual optimistic “in theory, yes” answer. Of course I had never tried it which is horrible to answer that to someone without trying it. In working on creating some Silverlight business application samples, I figured I should probably look at this scenario to see if a) it would work and b) it makes sense. I’ll at least try to answer “a” here.