I have started a L2ARC Resource page:
We have had lively discussions of ZFS’ L2ARC, as L2ARC has both changed over the years, and Here are common misconceptions: Size should be about 5 times RAM and no more than 10 times RAM. This is no longer true. L2ARC should not be added until RAM is maxed out. While more RAM is better / faster, using L2ARC on even 16GB RAM configurations is practical. These are current recommendations:
Everyone please take the L2ARC discussions to that page.