Yes, 550E should be faster in pretty much anything except benchmarks specifically written to fit in 512KB cache, but not in 256KB...
Not by much though, probably not really noticeable.
It will also run cooler, and as said will overclock much better. A 550E should do 733Mhz (at 133Mhz FSB of course your board/ram has to handle it) no questions asked, but on the 550 you're lucky if it will do 600.