This is an issue when logged in only. Is definitely some kind of issue with S2Member because, when that is deactivated, page caching works.
But, with s2Member enabled:-
<!-- W3 Total Cache: Page cache debug info:
Engine: apc
Caching: disabled
Reject reason: DONOTCACHEPAGE constant is defined
Status: not cached
Creation Time: 1.305s
Header info:
Expires: Wed, 11 Jan 1984 05:00:00 GMT
Cache-Control: no-cache, must-revalidate, max-age=0
Pragma: no-cache
Content-Type: text/html; charset=UTF-8
X-W3TC-Minify: On
-->
I've posted up a query at s2M about this but if anyone here can shed some light I'd be grateful.
(For the record, it looks like the DONOTCACHEPAGE constant is called in s2member's no-cache.inc.php file.)