Cache, my friend, is not everything. There's about a 10% increase between 128 and 256. It's 10% again for 256 vs. 512.
The fact is, a willammate will hit maybe 2ghz... 2.2 if you're darn lucky. A 2.0 celeron will hit 2.4ghz easy, maybe 3.3ghz or higher.
You can talk all day about cache, and yes, the willy will beat a 2.0 celeron at a few things, but in most, the celeron will win.
Also, if you don't have anything yet, hold off... prescott celerons should be out soon, and they'll have 256K of cache. And they should be cheaper than willammate. I doubt they'll overclock well, but that's not a big issue when they'll be running at about 3ghz.