diff --git includes/cache.inc includes/cache.inc
index 355c98f..05ca7ec 100644
--- includes/cache.inc
+++ includes/cache.inc
@@ -100,53 +100,44 @@ function _views_discover_default_views($reset = FALSE) {
   static $cache = NULL;
 
   if (!isset($cache) || $reset) {
-    $index = views_cache_get('views_default_views_index', TRUE);
-
-    // Retrieve each cached default view
-    if (!$reset && isset($index->data) && is_array($index->data)) {
-      $cache = array();
-      foreach ($index->data as $view_name) {
-        $data = views_cache_get('views_default:' . $view_name, TRUE);
-        if (isset($data->data) && is_object($data->data)) {
-          $cache[$view_name] = $data->data;
-        }
-      }
+    $list = views_cache_get('views_default_views_list', TRUE);
+
+    // Check if the cached list exists
+    if (!$reset && isset($list->data) && is_array($list->data)) {
+      $cache = $list->data;
+      return $cache;
     }
-    // If missing index, rebuild the cache
-    else {
-      views_include_default_views();
-      $cache = array();
-
-      foreach (module_implements('views_default_views') as $module) {
-        $results = call_user_func($module . "_views_default_views");
-        if (!empty($results) && is_array($results)) {
-          foreach($results as $name => $view) {
-            // Only views with a sufficiently high api version are eligible.
-            if (!empty($view->api_version) && $view->api_version >= 2) {
-              // Do not cache dead handlers.
-              $view->destroy();
-              if (!isset($cache[$name])) {
-                $cache[$name] = $view;
-              }
-              else {
-                watchdog('view', "View name '@name' is already taken", array('@name' => $name), WATCHDOG_ERROR);
-              }
+    // If missing data, rebuild the cache
+    views_include_default_views();
+    $cache = array();
+
+    foreach(module_implements('views_default_views') as $module) {
+      $results = call_user_func($module . "_views_default_views");
+      if (!empty($results) && is_array($results)) {
+        foreach($results as $name => $view) {
+          // Only views with a sufficiently high api version are eligible.
+          if (!empty($view->api_version) && $view->api_version >= 2) {
+            // Do not cache dead handlers.
+            $view->destroy();
+            if (!isset($cache[$name])) {
+              $cache[$name] = $view;
+            }
+            else {
+              watchdog('view', "View name '@name' is already taken", array('@name' => $name), WATCHDOG_ERROR);
             }
           }
         }
       }
+    }
 
-      // Allow modules to modify default views before they are cached.
-      drupal_alter('views_default_views', $cache);
-
-      // Cache the index
-      $index = array_keys($cache);
-      views_cache_set('views_default_views_index', $index, TRUE);
+    // Allow modules to modify default views before they are cached.
+    drupal_alter('views_default_views', $cache);
+    // Cache the entire set of views
+    views_cache_set('views_default_views_list', $cache, TRUE);
 
-      // Cache each view
-      foreach ($cache as $name => $view) {
-        views_cache_set('views_default:' . $name, $view, TRUE);
-      }
+    // Cache each view individually.
+    foreach ($cache as $name => $view) {
+      views_cache_set('views_default:' . $name, $view, TRUE);
     }
   }
 
diff --git views.module views.module
index f3556e5..99f7685 100644
--- views.module
+++ views.module
@@ -843,23 +843,35 @@ function views_get_plugin($type, $plugin, $reset = FALSE) {
  *   A view object or NULL if it is not available.
  */
 function &views_get_default_view($view_name, $reset = FALSE) {
-  $null = NULL;
+  $return = NULL;
+  $cid = "views_default:$view_name";
 
   // Attempt to load individually cached view from cache.
   views_include('cache');
+
   if (!$reset) {
-    $data = views_cache_get("views_default:{$view_name}", TRUE);
-    if (isset($data->data) && is_object($data->data)) {
-      return $data->data;
+    $data = views_cache_get($cid, TRUE);
+    if ($data) {
+      $return = $data->data;
     }
   }
-
-  // Otherwise, allow entire cache to be rebuilt.
-  $cache = views_discover_default_views($reset);
-  if (isset($cache[$view_name])) {
-    return $cache[$view_name];
+  else {
+    // Otherwise, allow entire cache to be rebuilt.
+    $cache = views_discover_default_views($reset);
+    if (isset($cache[$view_name])) {
+      views_cache_set($cid, $cache[$view_name], TRUE);
+      $return = $cache[$view_name];
+    }
+    else {
+      // There is no default view for this view name. To avoid loading all
+      // default views into memory when this is the case, which can result in
+      // an additional 20mb of memory usage when loading a view that only
+      // exists in the databse, cache the fact that we didn't find a default
+      // view as well.
+      views_cache_set($cid, NULL, TRUE);
+    }
   }
-  return $null;
+  return $return;
 }
 
 /**
@@ -884,13 +896,8 @@ function views_new_view() {
  * @return An associative array of all known default views.
  */
 function views_discover_default_views($reset = FALSE) {
-  static $cache = array();
-
-  if (empty($cache) || $reset) {
-    views_include('cache');
-    $cache = _views_discover_default_views($reset);
-  }
-  return $cache;
+  views_include('cache');
+  return  _views_discover_default_views($reset);
 }
 
 /**