Does WP_Cache work in 2.7.1?

Has wp_cache been disabled for plugin/theme authors?

I can’t seem to get wp_cache_get() to retrieve my data, even though a print_r() shows it’s been added by wp_cache_add(), however only for one page-load.

‘WP_CACHE’, true has been added to my config in the proper place.

Here is my code:

global $wpdb;
$data = wp_cache_get( 'foo_all_terms', 'all_terms' );
 if ( !data ) {
 echo 'FALSE!! GETTING TERMS and ADDING to CACHE!!';
 $query = "SELECT name FROM $wpdb->terms";
 $data = $wpdb->get_col( $query ); // array
 wp_cache_add( 'foo_all_terms', $data, 'all_terms' );
}

Thanks, this is really driving me nuts.