That's right!  But it does more than you may think!  In the component configuration, you'll see a setting for "Number of pages to refresh automatically -- 0 disables".  That's the internal CRON setting.  It's the number of pages to automatically reload (chosen in order of total hits).  There are two ways to use it.

First, you can copy the cron.pagecache.php from the administration directory (/administrator/components/com_pagecache/), and place it somewhere else (outside the document root preferably).  Then, edit that file, and uncomment line 20, and 29.  Edit line 29 ($admindir) to point to the administration directory of pagecache.  Then set it up as a cron script, and you're set!  Just make sure to make the cache TTL either -1 or a little bit higher than the cron frequency.

Second.  When you arn't using the cron file, the setting does have an effect on pagecache's operation.  When it's enabled (greater than 1), any time the cache is cleared, it'll reload the top $x number of pages AFTER the current connection with the user is closed!  Plus, there is a method (see the API for more info) to reload single (or multiple) pages based on URL available to modules!

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