Hey Peter,
There are several reasons that may contribute to an increase in network utilization with cached mode clients:
1. Download of the OAB. Depending on the version (v3a or v4) this could be frequent or infrequent. But still even the deltas will consume bandwidth.
2. Frequency of full OST synchronization. This may not be a major thing for most companies (it is within MSFT, I've had to perform a full sync several times due to beta testing Office 2007).
3. Consolidation scenario. Consider the case where you have two sites, both with Exchange servers. User1 in SiteA sends a message to 20 users in SiteB. Exchange will send a single message to SiteB. Now consolidate and deploy cached mode. User1 in SiteA sends a message to 20 users in SiteB. All SiteB users' mailboxes are either on the same server as User1 (or located on another in SiteA). Now all 20 users will download that single message to their clients. That's an increase in traffic.
4. Monday morning synchronization - basically the day everyone comes back from the weekend and starts synchronization at nearly the same time.
Hope this helps.
Ross