There is only so much work to go around, before cache misses turn into waiting games, even with branch prediction and micro-code piping.
What is your suggested alternative metric?
What is your suggested alternative metric?
As long as we don't have that, cache misses are a useful metric on their own, as long as one is aware of its caveats. As most things, cache misses come in various shades of grey.
EvilOfCacheMiss = TimeOfMemoryFetchCycles - CyclesSpendDoingInstructions /TimeOfMemoryFetchCycles
But yeah, sounds like a useful metric to me.
In particular, see Equation 4: http://researcher.ibm.com/files/us-viji/miss-cluster.pdf