Its pretty unclear but from what I understand L3 cache doesn't really matter for APUs currently.
To quote someone on Tom's Hardware:
While L3 cache is something useful for a CPU, it doesn't dramatically hinder performance in APUs. This is because with an on die GPU you can offload a lot of OpenCL capable applications, that would otherwise need cache, for the GPU to handle.
It's to save die area I would think, it allows them to get a beefier GPU onboard plus it keeps the prices down as the die cost isn't as high (it isn't as big).
If you look at the FX-8350 die, the L3 cache is a massive proportion of the die although there is 8MB of it there. The Intel stuff with the 10/20MB L3 caches are the same,.