We have developed a patch that is likely to be accepted into Drupal 4.7, http://drupal.org/node/45414. The static file caching patch reduces load on the server in four ways.
1) Database load: Anonymous users are served static pages directly with out contacting the database for session management or other database queries, reducing the anonymous load to 0 and allowing the query cache to be used more effectively for authenticated users.
2) Disk IO load: Pages being served by Apache or a web server will take advantage of the operating systems internal page caching mechanism meaning most popular pages will be served directly from memory and not from disk reducing disk IO latency.
3) PHP CPU load: If the static caching patch is configured much of the Drupal PHP that needs to be interpreted or even loaded load from an Op cache will not be done as Drupal is largely bypassed in serving pages.
4) Apache thread load: Drupal's PHP apache threads are at least 16MB each. Static pages in a directory can be re-directed and served from a separate web server that will use 1M threads for anonymous pages meaning that expensive threads for Drupal can be reserved just for expensive operations.
These results have been validated with a similar file caching patch for Wordpress.com. Please test this patch and help us get this patch into Drupal core. If you are interested in funding this kind of development please contact me.