To be perfectly honest, caching the templates (which is what this code does) is pointless. From a load perspective, it doesn't matter whether or not you are pulling from the actual template or from the cached version. The end result will be that a file on the server is sent from one location to another. If you have a high-load site (such as yours and, even mine at some point of its life), template caching isn't going to give us any help here.