I have not checked the read speeds. For media serving, I do not really care about the possible extra speed advantage. If a file bigger than system ram and smaller than the L2ARC is accessed multiple times over 2 hours, is it not better that the file is served from cache than from the hard drive platter, thereby reducing unnecessary wear and tear?
While your thought process is sound I just don't think that resembles reality. Not to mention that if you really think that those 2 hours are going to make a difference on a drive that ideally will have a 20000 lifespan you're trying to make something better that will have just about 0% chance of making the drives last longer. Plus, whats to say that having an L2ARC doesn't increase wear and tear by trying to cache huge chunks of files you will never access?
I know from personal experience that running a drive 24x7 is far better for hard disks than shutting them down at night. I can't explain why this is so, only that it is. Other senior forum members have noticed the same result with leaving drives on all of the time. I think it has to do with the temperature changes as the drive heats up when powered on and cools down when its off but thats just my best guess.
For example, pre-SSD I used to have 3 desktops in my house. I'd shut them down when not using them to save electricity. I could expect at least 1 drive to fail within 12-18 months like clockwork. RMAs sucked and I enjoyed the 5 year warranty. The server I have today has 24 drives in it. By the same rules I should expect a drive to fail very frequently. Instead I've had 1 failure in over 3 years of continuous use. My previous 3 generations of 24x7 always on servers also had amazing lifespans despite being on 24x7.
So honestly, if you really want to tell yourself that you are saving wear and tear go ahead. I'd never ever buy an L2ARC or ZIL hoping to save on wear and tear. I WOULD and DO tell people that if you want a long lifespan on your computer you should just leave it on all the time and never let it sleep. What I definitely do however is buy at least 16GB of RAM for every server. I haven't built a server with less than that yet. ZFS seems to only read 32MB into the "future" on any file access(not sure how it works for L2ARC) and the write cache in RAM will help turn a bunch of small writes into sequential writes. I also like to keep things simple as it makes troubleshooting a problem far easier as well as having less things that can go wrong.