We don't know that RSX is similar to G70, but we're guessing it because the marketing numbers from NVidia, like pipelines, fillrate, and shaderrate, all match with G70.
RSX's advantages are a higher fillrate with only 2xAA or no AA, and faster filtered texture processing. These advantages may not be realized often, though, because they all require bandwidth to achieve, and RSX has only 41% of the bandwidth to the GDDR3 memory as the equally clocked core of the 7800GTX 512MB. People point out the connection to the XDR memory, but if you're using even a fraction of Cell's potential, that will not be available.
I'd say for traditional graphics stuff, RSX will come out on top if developers can compress textures and make do with 32-bit framebuffers. For newer rendering techniques involving HDR, branching shaders, lots of math, and vertex texturing, I'll take Xenos. However, these tentative guesses aren't blowout wins for either architecture. IMO, it will all come down to developer and artistic talent, and the hardware differences will just be a wash.