Probably. The 16MB cache would increase your access speed on files you access frequently (such as small system files). If you have 1GB of ram you wont notice this as much as if you only have 256MB or 512MB.
If there's only a small price difference get the 16MB. If you can go with SATA, go with it. An 8MB SATA would beat a 16MB ATA133 (i think).
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