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The design of an effective last-level cache (LLC) in general—and an effective cache replacement/partitioning algorithm in particular—is critical to the overall system performance. The processor’s ability to hide the LLC miss penalty differs widely from one miss to another. The more instructions the processor manages to issue during the miss, the better it is capable of hiding the miss penalty and the lower the cost of that miss. This nonuniformity in the processor’s ability to hide LLC miss latencies, and the resultant nonuniformity in the performance impact of LLC misses, opens up an opportunity for a new cost-sensitive cache replacement algorithm. This paper makes two key contributions. First, It proposes a framework for estimating the costs of cache blocks at run-time based on the processor’s ability to (partially) hide their miss latencies. Second, It proposes a simple, low-hardware overhead, yet effective, cache …