it makes a difference but not a huge difference. As far as I remember, multimedia applications are the ones that benifit the most from more cache (DVD encoders, really compressors in general.)
Games do not receive to big of a boost from more cache. It makes a difference, but not a huge one. Still, I would go for the 6420 over the 6400 as the price should come out to be the same soon. (are they still making 6400 anyone?)