The way you say this makes it sound like the ESRAM can't have any value for the Xbox One if it isn't being used as a cache, which flies in the face of the fact that EDRAM, which helped the Xbox 360 so tremendously throughout its life, also wasn't used as a cache either.
The Haswell 128MB of EDRAM acting as a cache for the CPU as well as the GPU is a side benefit of the way Intel designed it, but historically in consoles EDRAM need not ever be a cache, much less a cache that works for both the CPU and the GPU in order to still provide meaningful benefits to performance. The PS2 had EDRAM, the Xbox 360 had EDRAM, I believe the Nintendo consoles for years have had a combination of EDRAM and 1T-SRAM (not true SRAM like what the Xbox One has, but an EDRAM variant instead), and in all cases -- especially stressing the PS2's EDRAM and the Xbox 360's EDRAM implementation -- the performance benefits have been real and meaningful.
The Xbox One's ESRAM has some pretty nice benefits over EDRAM on the 360. It has none of the primary drawbacks of EDRAM on the 360. And then on top of that fact it has even lower latency. It not needing to be refreshed helps with regards to its latency.
http://en.wikipedia.org/wiki/Memory_refresh
A post made on this forum earlier about the possible benefits of low latency ESRAM.
http://www.neogaf.com/forum/showpost.php?p=50467425&postcount=495
I think developers will find interesting ways to use the One's hardware. I for one am dying to see what Rare, 343i, Turn 10, and Remedy do with the machine. I should probably toss Lionhead in there, too, as I think they may return to form on the Xbox One. I don't think they were particularly at their best on the 360.
I fucking wish