Recent popularity of smartphones drives rapid growth in the demand for cellular network bandwidth. Unfortunately, due to the centralized architecture of cellular networks, increasing the physical backhaul bandwidth is challenging. While content caching in the cellular network could be beneficial, relatively few characteristics of the cellular traffic is known to come up with a highly-effetive caching strategy. In this work, we provide insight into flow and content-level characteristics of modern 3G traffic at a large cellular ISP in South Korea. We first develop a scalable deep flow inspection (DFI) system that can manage hundreds of thousands of concurrent TCP flows on a commodity multicore server. Our DFI system collects various HTTP/TCP-level statistics and produces logs for analyzing the effectiveness of conventional Web caching, prefix-based Web caching, and TCP-level redundancy elimination (RE) without a single packet drop at a 10~Gbps link. Our week-long measurements of over 370 TBs of the 3G traffic reveal that standard Web caching can reduce download bandwidth consumption up to 27.1% while simple TCP-level RE can save the bandwidth consumption up to 42.0% with a cache of 512~GB of RAM. We also find that applying TCP-level RE on the largest 9.4% flows eliminates 68.4% of the total redundancy. Most of the redundancy (52.1%~58.9%) comes from serving the same HTTP objects while the contribution by aliased URLs is up to 38.9%.