GHz and Cache

I am buying a dell studio xps 16 laptop for multimedia and gaming, but mostly for multimedia. I can upgrade the processor from i7-720 (2.8 ghz, 6mb cache) to 17-820 (3.06 ghz, 8mb cache) for $350. Is it worth it. Also, what does the xps stand for?
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More about cache
  1. No, I personally wouldn't pay $350 for an extra 266Mhz and 2MB L3 cache, the performance difference between the two do not warrant the $350. XPS stands for eXtreme Performance System.
  2. Best to have a smaller CPU that consumes less power for a laptop - that is my opinion. They are meant to be portable, not powerhouses.
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