If you use memcached for your server, you clearly want it to come up on system startup. The distribution ships with init scripts for Debian, but not Fedora.
The problem is that your environment variable LD_LIBRARY_PATH must be set with /usr/local/lib and exported in order for the application to run. If you set this for your own environment, those values probably aren’t going to get carried through when this init.d script runs. A quick and dirty way to get it running is just to add the line
to the top of the /etc/init.d/memcached-init script and voila.
(Oh and i assume you know how to use chkconfig to setup run levels and all that – this is just the one missing step).