The difference you will see is time save at full performance, the 2.7 is useful to those that rely on their Mac`s for businesses, if you can reduce your render times by 10%, you can moniterize the time saving, increase your productivity etc. 2.7 with the 8Mb L3 will really only be of significant benefit to certain applications such as video rendering, essentially you will see no benefit unless applications can utilise the additional cache.
For the average user the 2.7 and even the 2.6 will offer little if any real world increase in performance, a few fps in a game etc, even the base 2.3 is an extremely powerful machine by portable standards. The 2.7 is simply not going to kick in and "smoke" the other CPU`s, dont get me wrong the 2.7 is faster the only question is will you ever notice that difference? I know it`s very cliched, however if you need to ask, you likely dont need the performance increase.
L1 Cache is the fastest Cache, each core has its own L1 cache its the smallest but its the fastest and the first one to accesses by the Core.
L2 Cache is slower than L1, L2 cache is the 2nd cache that the core search's for its data, and bigger than L1.
L3 Cache is shared between all of the cores, in the Core i7 for example, is shared between all 4 cores, and bigger than both L1 and L2.
Just wait till Haswell as it`s looking like L4 cache will go mainstream