The other guys seem to have hit the highpoints.
A recap: without on-die L2 cache, increasing the processor frequency doesn't do much, because of the disparity between bandwidth required by the CPU, and bandwidth afforded by whatever L2 is available.
Now, a common misconception: It's not the frequency of the L2 cache that's most important, it's how does the bandwidth scale in comparison to the CPU core, and how does the latency of a L2 access compare when increasing the core frequency. Frequency increases just happens to make the bandwidth scale.
With the K6-2, the bandwidth stays the same (ie, the ratio of core-bandwidth requirments to L2 cache bandwidth afforded increases). The latencies also increase. What takes, say, 20 cycles, for a L2 hit on a 500mhz K6-2, takes MORE THAN 20 cycles from the perspective of, say, a 600mhz K6-2 (I don't even recall if such a chip exists).
With the K6-III, the bandwidth of the L2 goes up, because the frequency goes up. The latencies stay the same, also because the frequency goes up, and because AMD didn't do any funny business with that.
The K6-2+ and K6-III+ are slightly different beasts.
The K6-2+ has 128Kb L2 cache. Given that it has 64Kb L1 cache, and it's NOT an exclusive architecture, this is more or less 64Kb of useful L2 cache (it's not exact, because, though I know it's NOT exclusive, I can't say for sure off the top of my head if it's a strictly includive architecture).
The K6-III+ has the exact same cache structure as the K6-III.
However, as people here probably know, Intel just cuts the L2 cache in half ( or less, depending... ) to create a Celeron. AMD doesn't do that with the K6-2+ from the K6-III+. They are two physically different chips, just as the Athlon and Duron were/are two physically different chips. This means that the L2 associativity of the L2 on a K6-2+ is NOT cut in half (or less ) like it is on Celerons.
The only other major additions that have any meaning to anyone here would be the Extended 3dNow! instructions (the ones that were added to the original Athlon over the K6-2 and K6-III that had the original 3dNo1! instructions).
Um.......okay, so what's this boil down to? If you are POSITIVE that your motherboard either does, or can (via a bios update) support the K6-III+, go for that over the other ones. Go for a K6-III over a K6-2 and K6-2+ (it'll be a tough call if you can get a 550mhz K6-2+ vs. a 450mhz K6-III ). Go for a K6-2+ over a K6-2.
Oh yeah
/me waves to aberant.