How to use rrdcached to speed up IP graphs generation ?

The instructions for CentOS 5.5 are:
1.) Make sure you've installed rrdtool >1.4.3 and rrdtool-perl >1.4.3 from yum repositories
2.) Change /etc/sysconfig/rrdcached to:
OPTIONS="-l unix:/var/rrdtool/rrdcached/rrdcached.sock -s wanguard -m 774 -w 3600 -f 7200 -b /var/rrdtool/rrdcached"
RRDC_USER=wanguard
3.) Set proper permissions:
chown wanguard:wanguard /var/rrdtool/rrdcached
4.) Start rrdcached
/etc/init.d/rrdcached start
chkconfig  --level 34 rrdcached on
5.) Add the following command to /etc/rc.local and execute it afterwards:
chown wanguard.apache /var/rrdtool/rrdcached/rrdcached.sock
6.) Add "unix:/var/rrdtool/rrdcached/rrdcached.sock" to the RRDCache field in the IP Graphs Configuration

You can connect to rrdcached with "socat - /var/rrdtool/rrdcached/rrdcached.sock", and get statistics with the STATS command.