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Essentially it wont. 2mb of cache vs 6mb of cache means the e5300 is never going to be as good as the e8400.
It's possible that a 4ghz e5300 will outpace an e8400, but I wouldn't count on it. Given you can clock the e8400 to rather over 3ghz, the e5300 is cheaper for good reason.
Its not so much a 4mb increase is worth that much, but 2mb is tiny and really cripples the CPU, whereas 6mb is pretty average.
Jon was saying the e8400 will clock much further too.
It doesn't work like that. For cache limited things no amount of clock speed will let it catch up with the e8400. For things that are in no sense cache limited it'll be the same once at 3ghz. In practice nothing is either of these extremes, so the clock speed required to match it will vary with use. Since you specify gaming, the cache is very important and the e5300 is never going to catch the e8400.
Three times the cache is worth well over an extra ghz. Anything the processor has stored in cache it doesn't have to calculate again. I suppose in the limiting case of entirely cache limited you would need 3 times the cpu speed to make up for having 1/3 the cache of the e8400, but you will never run an e5300 at 9ghz. A few of them make it to 4ghz, but nothing like all. Even then they run at low fsb, meaning low ram speeds and poorer system memory bandwidth which is again important for games.
Onboard cache is expensive, not just because it improves performance but in terms of manufacturing (and possibly design) costs. The e7*00 series is a compromise at 3mb of cache.
Sorry for the bad news
Some folks say each extra 1MB of cache is worth an extra 100MHz, I think it varies between 50MHz to 100MHz so a 2MB cache chip running at approx 3.2GHz to 3.6GHz will perform at a similar level to a stock E8400 (assuming the former is also using a 333MHz-FSB).What kind of frequency would an E5300 need to be running at to match an E8400 in gaming benchmarks?
There also a big difference in number of transitors
E5300 has 228 million
E8500 has 410 million
That has a big impact on performance.
There also a big difference in number of transitors
E5300 has 228 million
E8500 has 410 million
That has a big impact on performance.