The advantage with cache vs dumb local store is that it makes your game design much more robust against changes in assumptions about data size and access patterns
Unfortunately on many existing architectures that is "only" true so long as you don't give a flying f$$$ about performance.
Current generation of consoles is a great example of how cache architectures can still be incredibly sensitive to data sizes and access patterns, and designing your application without paying close attention to those issues will literally grind the system to a halt.
Problem is compounded by the fact that optimizing for cache-coherency has no "exact" solution, you're often reduced to things like packing your data structures tighter and just "hoping" it will amount to better performance (it usually does, but the actual effects are unpredictable at best - thanks to the way cache behaves).
And fact of the matter is that the PPC cores in new consoles are not making this problem go away - it may even grow worse in some ways.