It is true that the Signage Player will cache content, but not external content. It has been my experience that if you have external content (use the External swf/image compnent as an example), that if you disconnect the player from the internet, you will get a blank zone on the next change to that content. Adddiitionaly, my testing has shown that if you are ONLY playing external content, the Signage Player will not even completely load on media player boot. You have to put some kind of local image as the first content in the channel. Odd bug.
So say you could create one channel, playing a series of external swf/image components, and if you disconnect the the internet cable from the media palyer, then the next change in contentwill result in a blank screen. If you reboot the media player, the player will not load at all. I have found that if you place a small image (i use a white box) at the beginnning of the channel, the media player will load the Signage Player program. However, you cannot place that channel in "random order" mode, because the external compnent might get selected first and the player would not load.
I understand the Media Sigange team is working hard on the Advertising Engine, so I don't expect issues that like to get fixed in the near future.