L2 cache helps LARGE programs and not small ones.
AS an example a Oracle Database may easily use 256 meg of RAM as an app, not counting the OS, unix Buffer cache, or the SGA. a 8 meg L2 cache can hold the interesting parts of Oracle
SETI@Home uses 5 meg of RAM, and the interesting parts can all fit in a 1 meg L2 cache.
if your apps are compact, L2 cache is not a factor. if they are 'sloppy', it may be more important than Mhz. I tried to remain child-like, all I acheived was childish.