Uttar said:
To put it simply, and in good ole marketing speech...
"Currently, nVidia's GeForce FX family's Pixel Shading speed inferior to ATI's Radeon product family's Pixel Shading pseed, from top to bottom."
Except that's incorrect.
To put it simply, the GeForce FX line is capable of more pixel shader operations per clock, but has many more limitations to prevent it from reaching its peak performance.
Pre-NV35 (everything below the GeForce FX 5900) has to use FP very sparingly for decent performance. This doesn't mean that few shaders should use any FP, but rather that every shader can use little FP. Depending on the calculations being done, this may or may not be a problem.
Unfortunately, due to Microsoft's spec, there is no option for integer processing in PS 2.0. This means that everything less than the FX 5900 is basically screwed in Direct3D. In OpenGL, there is the option to use integer processing, such that the FX architecture (prior to FX 5900) can flex its muscle.
Anyway, all of this aside, the simple fact is that the FX architecture isn't inherently slower than ATI's. Microsoft's spec is holding it back, which will mean that the FX's lower than the 5900 will need to sacrifice quality for any kind of speed (with no integer format, the drivers cannot possibly detect when integer format can be safely used, and it will have to be used anyway for speed).
Other than this, the FX line can be very fast, faster than ATI's in many cases, through optimization. And the FX line's shader performance is very, very complex. One cannot make any simple statement about it, except to look at peak performance and say it's harder to get that peak performance.