Intel's roadmaps show the Intel Tulsa Xeon processor will feature 16MB L3 cache.
According to Intel's roadmaps, the first wave of Xeon MP processors based on Intel's Tulsa core will be slated for Q4'06. DailyTech has the following information on the 7100 series of Tulsa Xeon MP processors. Tulsa is compatible with Socket 604, on Intel's Truland platform. Intel just announced its new LGA 771 socket, and it is not uncommon for Intel to produce multiple socket variants of processors during transition years.
Xeon MP 7130 and 7140 will have a 150W power envelope, while 7110 and 7120 will use a 95W envelope.
The biggest feature of Tulsa will be large L3 cache sizes which range up to 16MB. These Tulsa processors are designed to scale to four and eight socket systems, and each Tulsa CPU contains two cores with HyperThreading support. For those keeping track at home, an eight socket Paxville system will show 32 logical CPUs.
More details about these processors over at DailyTech.