X1950 runs 2x the bus width and with a higher RAM clock. That's a hell of a lot more board/trace complexity than a little 128-bit bus at a lower clock. Is the board for X1950XT not about the same size as all of 360? That's why I say it's a lot cheaper to implement a Xenos than an R580. I'm also fairly sure that R580 is a much bigger GPU in die-size, especially if you ignore or only partially count that EDRAM (cuz some of the EDRAM die is more functionality for the GPU).
RSX has fewer ROPs than G7x, mainly because more would be a waste on a 128-bit bus anyway. RSX is based on G71 which is actually a pretty svelte GPU compared to R580, too.
Might be true about the vertex power, but I rather doubt it. It probably allows for more efficient use of the whole chip at once. But, using more of it for vertex processing reduces what's available for pixel shader processing. R580 has those 48 pixel shaders just for pixel shading and 8 vertex shaders just for vertex processing.
I think R580 is a lot less efficient than Xenos, especially in Xenos's console environment for which it was custom tailored for. But R580 is a lot bigger with more resources overall. Especially in the RAM and fillrate depts. If you stuck a big 'ol R580 with the same resources it has on a X1950XT board into 360 (somehow lol), I have absolutely zero doubt it would be superior but ridiculously less cost effective or efficient.