I dunno if this have been debated before on this thread but instead of comparing Xenos with a single SPE you guys should be comparing the Cell with the Xenon.
Both CPU articles are out now on IBM.com and both should roughly be compared on paper ofcourse.
We now know the Cell is able to do about 198GFlop/s in realtime while Xenon can only hit 100-110 GFlop/s at best (probably only 80-90GFlop/s in realtime).
What should developers do with all that extra computational power?
That's the real question that should asked and answered here.
Every techhead should know by now the PS3 will much more powerfull than the Xbox 360.
And for every techhead that doesn't the Cell has more raw power (more floating point calculations, more integer calculations, more hardware threads, more cores, more vector calculations etc.), more bandwidth and more flexibility (spread code over more hardware threads and SPE's and more specialised at whatever task you give them) than the Xenon and the RSX (if we think of as a GTX 512 core) has more raw power (more floating point calculations, more integer calculations, more verticle calculations) and higher fillrate's (13,2GTexel/s and 8,8GPixel/s).