Velocity was a code name, while the product was under development, I do not think that there was ever any intention from Microsoft to release a stand-alone product called Velocity. (Among other things, there is already a Java product called Velocity ).
AppFabric is the result of two development projects: Velocity and Dublin (this is a workflow, not WCF).
Although these two parts are shared by the installer, if you want AppFabric distributed caching parts you can just install them; You are not required to install all of this. I have combined the options that you need to select in the installer for the distributed caching bits here in red and the WF bit in blue. 
Philpursglove
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