http://techdirt.com/articles/20081017/0150532568.shtml"Search Engine Cache Isn't Copyright Infringement"
And...
"Now a court has basically destroyed that argument, noting that putting content online is giving an implicit license for search engines to index and copy."
A court in the US has ruled that an SE cache isn't copyright infringement...However, the ruling did say that if a SE was asked to remove the content, the SE has to comply.
While most webmasters will have a different persepctive on this, many of us also run FatBomb/SpiderBomb.
While I'm not a lawyer, this is a law we Fatty users should all be familiar with. If you are ever sent a threatening letter, remove their links and then refer them to the link above...