Changes in Views not reflected until flushing the cache

Here's how i reproduce this on a fresh installation.
1. Install drupal7.22 minimal.
2. Install Views and Ctools(latest version). All settings untouched. No other modules installed.
3. Enable the built-in archive view.
4. Visit http://mysite/archive and you will get a Page not found error.
5. Flush cache and visit http://mysite/archive and you will get the normal page.

If i make some minor change to the view like changing the title text,
i won't see the new title until i flush the cache.