Processor frequency and L2 and L3 speeds

when considering an Intel i5 processor is the frequency of the processor or the speed of the L2 or L3 cache more important? And how do I compare 3.02GHz dual core with 512KB L2 and 4MB L3 to a 2.66GHz quad core with 1MB L2 and 8MB L3 cache?
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More about processor frequency speeds
  1. Same processor speed (frequency) is the most important. It is hard to compare a dual core with a quad core, some application do not multi-thread and would be faster at higher frequency and others would and be faster on more cores + multitasking is faster with more cores.
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