To a certain point the cache size is definitely important. The very first Celerons had no L2 cache at all, and their performance was horrible as a result. Pentium 4's started out with 256KB cache (which is what Celerons have now) and now have been replaced with models that sport 512KB and 1MB (and even a few 2MB) caches. The differences between a 128KB and 256KB cache or 256KB and 512KB cache will both be a bit more dramatic than most changes beyond 512KB. It depends largely on what application(s) you're using - many can still gain significant performance increases from even larger cache sizes, and many can't. If you have a chance to test out the processors with the application(s) you have in mind before you buy one, that's the best indicator you can get of what will work out better for you.