I don't understand the point of the HTML5 AppCache. We already have a normal cache. If you visit a website the first time it'll already cache all the assets. What extra value does the AppCache provide? Is it just a list of files so that the browser knows what assets to download, even if they're not referenced by the HTML right now? Does the browser make sure that the caching is "all-or-nothing", i.e. does it ensure that everything referenced by the manifest is cached, or nothing at all?
I think the point you're missing is that AppCache is specifically designed to allow web apps (and web sites) to be made available offline, though the same speed benefits which the normal browser cache provides, when the user is online, are also provided by AppCache.
The key difference with the browser cache is that you can specify all the assets the browser should cache in a manifest file (conceivably your entire site) whereas the browser cache will only store the pages (and associated assets) you have actually visited.
I'm no expert on the AppCache, but I do know it is not without its problems. There's a really good article here from a chap who used AppCache to allow parts of his mobile site to be available offline. It includes some rationale on their decision to use it and a number of gotchas they encountered in doing so.
This HTML5 Rocks article on the subject also has some good information.