Leveraging a distributed key-value based caching layer has proven to be invaluable for scalable data-intensive web applications. With the emergence of high-performance storage (e.g. SSD) and interconnects (e.g. InfiniBand) on modern clusters, several efforts are being made to design high-performance key-value stores that can operate well with ‘RAM+SSD’ hybrid storage architecture. This has made it essential for us to design micro-benchmarks that are tailored to evaluate these upcoming, hybrid designs. In this paper, we study popular web-scale and cloud serving workloads, to identify different application-specific aspects, including commonly occurring data request distributions, update patterns, and environmental factors, that affect the performance of hybrid key-value stores. Based on these characterization studies, we propose a micro-benchmark suite that can be used to study high-performance, hybrid key-value stores on modern clusters, from the perspectives of both the application and the key-value store. We demonstrate its ease-of-use using database-integrated and stand-alone execution modes. Performance evaluations with different Memcached distributions, such as SSD-Assisted RDMA-Memcached, fatcache, and twemcache, over different networks/protocols, show that ‘SSD+RDMA’ can significantly enhance the performance of Memcached for various read-only and read-heavy workloads, that are representative of several common web-scale workloads.