Thought I'd expand on this a little bit. I did some benchmarks comparing performance using Phil's benchmark stuff with L3 enabled and disabled (L1 and L2 always enabled). Using a K6-III+ 400MHz, 100MHz FSB, Matrox Mystique 220, 512MB CL2 PC100 RAM, and the FIC PA-2013 motherboard which uses VIA's MVP3 chipset.
This is arranged with L3 on (left) vs L3 off (right).
3DBench: 286.2 fps vs 286.2 fps
PCBench: 122.1 fps vs 110.1 fps
Doom: 710 realtics (~105.20 fps) vs 722 realtics (~103.45 fps)
Quake: 61.5 fps vs 57.5 fps
So there is a little dip in performance, depending on the application, but it's really not too much, with 3DBench not even changing between the two.
Pentium MMX 233 | 64MB | FIC PA-2013 | Matrox Mystique 220 | SB Pro 2 | Music Quest MPU Clone | Windows 95B
MT-32 | SC-55mkII, 88Pro, 8820 | SB16 CT2230
3DFX Voodoo 1&2 | S3 ViRGE GX2 | PowerVR PCX1&2 | Rendition Vérité V1000 | ATI 3D Rage Pro