Chip Multi-Processors (CMPs) are the next attractive point in the design space of future high performance processors. There is a growing need for simulation methodologies to determine the memory system requirements of emerging workloads in a reasonable amount of time. To explore the design space of a CMP memory hierarchy, this paper presents the use of binary instrumentation as an alternative to execution-driven and trace-driven simulation methodologies. Using the binary instrumentation tool, pin, the authors present CMP$im to characterize cache performance of single-threaded, multi-threaded, and multi-programmed workloads at the speeds of 4-10 MIPS.