Mosys mem is still DRam cells, refresh hidden by some nice caching tech.
And further on the note of GS memory, I believe Archie did address this issue to some extent.
Namely eDram on GS uses something of a similar principle. There are page buffers sitting between physical memory and rest of the chip, access to which is more or less latency free.
And loads from eDram to page buffers are performed at obscenely high bandwith (something over 150MB/s), keeping the effect of page breaks to minimum too.
Outside pathological cases I doubt you'd see large deviations in performance due to efficiency in case of either memory - which is pretty much the idea behind using them
Debating texture caching efficiency on system scale isn't particularly meaningfull though.
In general case GC wins by default - PS2 not really having a cache to speak of. (The one exception being render-to-texture where situation is reversed and PS2 wins by default).
Programmed schemes could be debated for awhile I guess, but personally I wouldn't mind trading a notable amount of CPU overhead and most likely less efficient bandwith use for arguably less efficient scheduling.