You should definitely take a look at your "evections" stat from STATS
by the way. You were looking at cmd_set and cmd_get before, but
evictions could be related to the timeouts you're seeing here.
The default operation timeout is 1000ms, unless you've changed it in
your configuration.
More info here...
http://code.google.com/p/hibernate-memcached/wiki/Configuration
http://bleu.west.spy.net/~dustin/projects/memcached/apidocs/constant-values.html#net.spy.memcached.DefaultConnectionFactory.DEFAULT_OPERATION_TIMEOUT
The "operation" that times out includes all the serialization and
networking. It could be a matter of occasionally having to serialize a
large object. If it's only happening once in a great while, I wouldn't
worry about it too much. If it's happening a lot you should be
concerned.
Are you only running a single instance of memcached? That sort of
defeats the purpose, I would stand up at least 1 more at a minimum. I
don't think that's going to change anything in this matter, but you're
missing out on reliability at a minimum by running only a single
instance.