It's not just cache you want to be looking at, but also platter size and rotational speed.
As I'm sure you have heard before, the Samsung F3 is the top performing mainstream hard disk at the moment. The 1TB has 32MB of cache, 2 platters and costs £61. The 500GB has 16MB cache, 1 platter and costs £39.
As you can see, per/GB the 1TB is cheaper and the extra cache should make it a bit faster (as should the second platter I believe). However, the 500GB is still a good performer.
If you think you can make use of at least 500GB, then you may as well pay the extra £22 for the 1TB. If not, save your money and get the plenty quick 500GB version.