JSF 2, Dynacache and WebSphere Application Server

At present time we aren't sure whether WAS dynacache does support JSF or not. Could you please shed some lights on that?
There is no explicit support statement around JSF like struts and tiles.
Dynacache servlet caching support is generally independent of web frameworks.
You will be able to configure caching for JSF 2 applications by writing cache-entries for the javax.faces.webapp.FacesServlet  servlet class.

Which adverse situations may be experienced by deploying JSF 2.0 on WAS 7.0 for a high volume website?
JSF 2 can be deployed on WAS 7 see  http://wasbehindtheglass.blogspot.com/2011/11/myfaces-20-and-websphere-application.html . As long as you adhere to general best practices and tuning for JSF you will be OK.

JSF Performance and general best practices 
http://publib.boulder.ibm.com/infocenter/wasinfo/v8r0/topic/com.ibm.websphere.nd.iseries.doc/info/iseriesnd/ae/rweb_jsfengine.html
http://blog.eisele.net/2009/10/jsf-facelets-myfaces-and-richfaces.html
http://www.oio.de/public/java/jsf-best-practices-javaserver-faces-session-tips.htm
http://what-when-how.com/jboss-as-5-performance-tuning/tuning-web-applications-on-jboss-as-part-2/

Support statement of JSF2 on WAS 7

1) JSF 2.0 MyFaces is not supported on WAS v7.0, it is considered a third party library that the customer is using.  We have published configuration information for using JSF 2.0 MyFaces
on WAS V7

2) Some of the properties provided here: http://publib.boulder.ibm.com/infocenter/wasinfo/v7r0/index.jsp?topic=%2Fcom.ibm.websphere.nd.iseries.doc%2Finfo%2Fiseriesnd%2Fae%2Frweb_jsfengine.html again are specific to the JSF implementations shipped in the WAS runtime: MyFaces 1.2 and SunRI 1.2.  For configurations parameters for JSF MyFaces 2.0 please refer to the following: http://myfaces.apache.org/core20/myfaces-impl/webconfig.html  as these are the ones that will be available for the MyFaces open source implementation that the customer will be using.

So again a big thing when using MyFaces JSF 2.0 on WAS V7 is that any issues that are MyFaces 2.0 specific will not be fixed by IBM, the customer will have to work with the Open Source community as they would with any other unsupported third party library.