It's definitely possible. Supposedly RR already has significantly reduced L2 latency:
https://mobile.twitter.com/InstLatX64/status/941279542416760833?prefetchTimestamp=1513805844807
Secondly, cache performance did improve in the construction core era, and by a non trivial amount. Piledriver had the same latencies as far as I know, but the point of PD was to get BD's power usage in check, not really go after performance (other than higher clocks due to less power). The first design aimed at doing that was Steamroller, which had better latencies. L2 latency was down slightly, but had much better write performance in particular:
https://www.extremetech.com/computi...roller-digging-deep-into-amds-next-gen-core/2
Keep in mind since there was never going to be a Steamroller with L3, there was nothing they cared to do about it. AMD even said they identified the horrid L3 latency issue, but had no plans to fix it.
So there may be some cache tweaks, but I don't think there will be anything to significant until Zen 2. Unless of course the SR/RR L2 numbers in that tweet are indeed correct. I think IPC increase will be pretty minimal, with most of the gains coming from higher clocks supposedly allowed by 12nm LP.