cache_set() not getting hit?

gistfile1.aw

$form_id = "test1234";
$form = array('nthnth' => "NNnthnthnt");
$form_state = array('sntssss' => "NTHNTHNTHNTH");

form_set_cache($form_id, $form, $form_state);

watchdog('vcache', 'Cache about to be called!');
cache_set('form_' . $form_id, $form, 'cache_form', time());