Sorry to bother in this old thread, but I've noticed that the last stable version of web2py doesn't include the fix that was made previously to correct this bug.
I'm trying with last version: 2.14.6-stable+timestamp.2016.05.10.00.21.47 but the bug is there.
I checked the source code of gluon/contrib/redis_cache.py and I noticed that the fix isn't there.
I've tried applying that fix over the current version, but I don't think it solves the problem: the function now does return 503, but it takes about 10 seconds to respond, and I can see that with every request I made to the function, a new key is added to the cache. Should the issue be re-opened?