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Currently, the caching system looks solely at two things:
1) Requested URI
2) Cache time
If the cache time is set to more than zero, it will save a cache file with the output and serve that, the next time the URI is requested. Regardless of who is viewing it - unless the module developer has overridden it in his code (it is possible to perform a check to see if the user is a privileged one and if so, turn off caching - it will still cache for non-privileged users). This works fine for some modules, but e.g. not for newbb where each post in a thread can have different options available depending on who is viewing it and therefore caching is not much use there.
XOOPS 2.1.0 will have the possibility of creating "cache groups" in the module code, so you can have one cached version for anonymous users, one for news moderators and one for regular registered users - if implemented in the module.