Does WeakReference make a good cache?

Using WeakReferences as the primary means of referencing cached objects is not really a great idea, because as Josh said, your at the mercy of any future behavioral changes to WeakReference and the GC.

However, if your cache needs any kind of resurrection capability, use of WeakReferences for items that are pending purge is useful. When an item meets eviction criteria, rather than immediately evicting it, you change its reference to a weak reference. If anything requests it before it is GC'ed, you restore its strong reference, and the object can live again. I have found this useful for some caches that have hard to predict hit rate patterns with frequent enough "resurrections" to be beneficial.

If you have predictable hit rate patterns, then I would forgoe the WeakReference option and perform explicit evictions.

There is one situation where a WeakReference-based cache may be good: when the usefulness of an item in the class is predicated upon the existence of a reference to it. In such a situation, a weak interning cache may be useful. For example, if one had an application which would deserialize many large immutable objects, many of which were expected to be duplicates, and would have to perform many comparisons between them. If X and Y are references to some immutable class type, testing X.Equals(Y) will be very fast if both variables point to the same instance, but may be very slow if they point to distinct instances that happen to be equal. If a deserialized object happens to match another object to which a reference already exists, fetching a from the dictionary a reference to that latter object (requiring one slow comparison) may expedite future comparisons. On the other hand, if it matched an item in the dictionary but the dictionary was the only reference to that item, there would be little advantage to using the dictionary object instead of simply keeping the object that was read in; probably not enough advantage to justify the cost of the comparison. For an interning cache, having WeakReferences get invalidated as soon as possible once no other references exist to an object would be a good thing.

In .net, a WeakReference is not considered a reference from the GC standpoint at all, so any object that only has weak references will be collected in the next GC run (for the appropriate generation).

That makes weak reference completely inappropriate for caching - as your experience shows.

You need a "real" cache component, and the most important thing about caching is to get one where the eviction policy (that is, the rules about when to drop an object from the cache) are a good match for you application's usage pattern.

No, WeakReference is not good for that because the behavior of the garbage collector can and will change over time and your cache should not be relying on today's behavior. Also many factors outside of your control could affect memory pressure.

There are many implementations of a cache for .NET. You could find probably a dozen on CodePlex. I guess what you need to add to it is something that looks at the application's current working set to use that as a trigger for purging.

One more note about why your objects are being collected so frequently. The GC is very aggressive at cleaning up Gen0 objects. If your objects are very short-lived (up until the only reference to it is a weak reference) then the GC is doing what it's designed to do by cleaning up as quickly as it can.