Having the L2 cache OFF the CPU die does not necessarily mean the cache is or will be slower. Let's not forget about Xeons guys. Xeon's still have on off-die L2 cache that runs at the same speed of the CPU. Also, as CPU die's shrink, L2 cache's aren't. It's kinda hard to slap a 512K or 1 meg L2 cache on top of a small die. I wouldn't be surprised if Intel and AMD went back to the same design as the P6/Pentium Pro with the L2 cache on the wafer, but off to the side of the Core.
-MP Jesse