When looking at the Distributed Cache Read Misses counter what is considered a good/bad number? If we are over a bad threshold what should we do to correct it? Right now, we are getting ~44 read misses sampled every minute.
The acceptable rate of cache misses depends on the requirements and design of your application and how the ScaleOut APIs are being used.
If your developers expect 100% of the ScaleOut API calls to successfully find an object in the ScaleOut service then 44 misses/sec could be interpreted as a problem. On the other hand, some applications use the ScaleOut service as a simple look-aside cache, where if an object resides in ScaleOut then great, it'll be used, otherwise it's no big deal--the value will be pulled from a database instead.
The overall request rate is worth considering, too: If you're doing 10,000 requests/sec and you only have 44 misses/sec then that's a good hit rate!