In the Semi-Analysis table
@Metal Messiah. posted, the L2 cells didn't shrink. If it's just L3, and if their latency increased proportional to the longer clock tick, then the software-visible latency would be the same and your only concern would be the smaller capacity.
Just a hypothetical, but reducing software-visible latencies is one of the nice things about lowering clock speed. Energy-efficiency is another.
I'm definitely intrigued by AMD's approach. In future generations, I think they can't help but tweak other aspects of the microarchitecture, since the parameters optimized for high-speed cores will no longer be optimal for lower-speed ones. Not to mention area- and power- efficiency.