Uhm, I think you're both thinking of two different advantages of caches: saving memory bandwidth and hiding memory latency. SoEMT will reduce the importance of caches for hiding memory latency, but may actually increase their importance in terms of saving bandwidth, as trashing may go up. The same principles also apply to GPUs.
Focusing on non-graphics projects in 2013 (but I still love triangles)
"[...]; the kind of variation which ensues depending in most cases in a far higher degree on the nature or constitution of the being, than on the nature of the changed conditions."