In fact, going forward there’s no guarantee that the L2 caches will see growth in size, but the focus instead may be on making the L3 cache faster. Right now the 8MB L3 cache takes around 41 cycles to access, but there’s clearly room for improvement - getting a 30 cycle L3 should be within the realm of possibility. I pushed Ronak for more details on how Intel would achieve a lower latency L3, but the best I got was “microarchitectural tweaks”.
As I mentioned before, Ronak wanted the L3 to be bigger on Nehalem; at 8MB that’s only 2MB per core and merely sufficient in his eyes. There are two 32nm products due out in the next 2 years, I suspect that at least one of them will have an even larger L3 to continue the exponential trend I showed in the second chart above.