[gchadwick]

There's also the fact that as you get down the cache hierachy the cache becomes more complicated. An L1 does lookups for a single processor, and responds to snoops. An L3 probably has several processors hanging it off and may deal with running the cache coherency protocol (e.g. implements a directory of what lines are where and sends clean or invalidation snoops when someone wants to upgrade a line from shared to unique). As a result you've got layers of buffering, arbitration and hazarding to get through before you can even touch the memory array.