Use <Location> to apply directives to content that lives outside the filesystem. For content that lives in the filesystem, use <Directory> and <Files>. An exception is <Location "/">, which is an easy way to apply a configuration to the entire server (editors note: or vhost).
OPcache improves PHP performance by storing pre-compiled script bytecode in shared memory, thereby removing the need for PHP to load and parse scripts on each request.
The popular APC opcode cache for PHP cannot share a cache between PHP FastCGI processes unless PHP manages the child processes (which should be disable when using fgcid). Thus, the effectiveness of the cache is limited with mod_fcgid; concurrent PHP requests will use different opcode caches.