Summary:
I have an ASP.NET MVC website in IIS named \'Website\' using an AppPool named \'WebsiteAppPool\'. WebsiteAppPool is configured to allow up to 4
There is no relation between the worker processes. They each have their own cache (as it is in-process cache). That said, if you make your application support the web-garden scenario (i.e. not depend on in-process state) it will be more robust and easier to scale up. It will be easier to add another server in the future and create a web-farm.
You might call YAGNI on that, but I think it is just common sense to create most web-applications in a way that supports scaling up. In your case, I really think it's OK to have 4 different caches, and having a web garden can actually improve your site's performance.