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Numerous research efforts have produced a large number of algorithms and mechanisms for web proxy caches. In order to build powerful web proxies and understand their performance, one must be able to appreciate the impact and significance of earlier contributions and how they can be integrated To do this we employ a cache replacement algorithm, 'CSP, which integrates key knowledge from previous work. CSP utilizes the communication Cost to fetch web objects, the objects' Sizes, their Popularifies, an auxiliary cache and a cache admission control algorithm. We study the impact of these components with respect to hit ratio, latency, and bandwidth requirements. Our results show that there are clear performance gains when utilizing the communication cost, the popularity of objects, and the auxiliary cache. In contrast, the size of objects and the admission controller have a negligible performance impact. Our major conclusions going against those in related work are that (i) LRU is preferable to CSP for important parameter values, (ii) accounting for the objects' sizes does not improve latency and/or bandwidth requirements, and (iii) the collaboration of nearby proxies is not very beneficial. Based on these results, we chart the problem solution space, identifying which algorithm is preferable and under which conditions. Finally, we develop a dynamic replacement algorithm that continuously utilizes the best algorithm as the problem-parameter values (e.g., the access distributions) change with time.