It's said the $\ell_2$-penalty term is based on the $\ell_2$-norm. Indeed, the term often is written as $\lambda \|w\|^2_2$.
Notice, though, that the norm is squared, differing from the $\ell_1$-penaltym which is simply the $\ell_1$-norm. It obviously helps in differentiation of the function, but does it change the interpretation of the penalty term?
Would a regularization term like $\lambda \|w\|_2$ lead to different results or are them equivalent?
How does it generalizes to $\ell_p$ regularization with $1\lt p\lt2$? Take or not take the $p^{th}$-root of the penalty term?