Detrius, you may be right, but here's some things for you to check, Xisiqomelir. I had this same problem (with the Hardware pane in system prefs) when I got my 15'' 1.5 GHz Powerbook, and finally noticed that there is a newer version of CHUD tools available on Apple's web site. Run CHUD Updater (in /Developer/Application/Performance Tools/CHUD) to do this, although it recommends to run CHUD Remover first to remove the older version.
I can't be sure if the older CHUD tool does in fact fail to enable the L2 cache, since I no longer have it in my system, but there are a number of performance tools available so that you can check this. One thing I -did- notice, though, was that using the current version of the Processor system pref (which has replaced the Hardware pref), if I disable L2 cache it still shows up in the System Profiler, so I do not believe that this is a valid test.
One simple test you could do is run Skidmarks GT (located within the CHUD folder under Benchmarks), and see what it gives for results. Here's what I get:
L2 cache on (Integer-Floating Point-Vector):
150-148-148
L2 cache off (Integer-Floating Point-Vector):
83-82-51
Now, bear in mind that the downloaded copy is a beta version (4.0.0b1). Have fun...