How's latency vs a traditional?
I think AMD might be ditching it for the next gen in exchange for growing the L2's, because the lower latency is beneficial to ray tracing.
[0]: https://substackcdn.com/image/fetch/$s_!LHJo!,f_auto,q_auto:...
Keep in mind that the 'big' desktop chips have bigger caches too. The L2 on a 5080 and 'L3' on a 9070 XT are both 64 MB. Additionally, AMD has already been growing the L2, going to 8 MB on the 9070 XT vs. 4 MB on the 7800 XT and 6800 XT.
Their marketing materials to OEMs have been leaked, and they no longer mention IC at all, instead proudly displaying (much higher) L2 amounts per GPU. This of course doesn't necessarily mean that they are definitely removing it, but it certainly hints at that.