When talking about how future games will perform on the two consoles, it doesn't really matter.Fair points, but it is also noteworthy that Cell is about 50% larger in die space and transistors, which explains some of the proportion figures you are using.
Die size doesn't really figure into performance in future titles.
On the other hand Cell does make some significant compromises beyond what even Xenon makes (Local Stores are not coherant like L2 cache and streaming can eat into LS, no branch prediction in SPEs, total chip memory may be large but it is broken into a number of smaller segments, assymetric design, and so forth) which not only have an impact in "getting your head around the architecture" but it isn't always a performance win for every sort of processing task.
To clarify my position, I'm only looking at the competition between the two consoles.
MS and Sony have targeted their processors for the same workload, one which is heavy on multimedia and glitzy effects.
One of the processors in question is simply better at most of that work.
If Cell is terribly hard to program for, the launch titles seem to show that failure to utilize it well leaves it at rough parity with the Xbox 360.
Too bad Xenon is relying on similar assumptions that Cell is working from. The reduced die budget, coupled with similar design targets, means that Xenon is trying to do the same job as Cell with far less.There are areas where Cell absolutely rocks (or can/will), especially when you can throw a lot of SPEs at the problem and it scales fairly linearly and can fit into the Local Store, but from what I have heard this isn't nearly always the case. There is huge potential with Cell but not every problem is SIMD or easily solved (at this point, and this has been an area of work for decades) with gross parallization.
Cell overall is a powerful, if sometimes awkward chip. Xenon is a good chip, with somewhat less awkwardness.
Both rely on in-order narrow cores that are individually unimpressive.
Cell does more to make up for that than Xenon.
There are other concerns besides raw performance that can blur the picture, but none of them are insurmountable. In the end, Xenon's well will run dry first.