Well, I can tell you how 1 Xenon core compares to 1 P4 3ghz core. I wrote this little benchmark with some typical STL usage and the result is pretty shocking. Basically the P4 is TWICE faster. The code generated for the PPC actually looks better than the x386 code, yet it fails to perform as fast.
Of course your mileage may vary.
That's worse than I'd expect, I always thought that xenon got around 2/3rds the performance of a p4 at the same speed. Rough guesswork based on Xenon games (asssuming 1 core used only) and their PC equivalents and the types of framerates achieved with both processors (so pretty much irrelevent on anything but a game by game basis, but it seems to hold up well across several games). Did you use 2 threads on the Xenon core?