Definitely more than just the raw specs - effeciency (as you mentioned) is no doubt superior. On my LP 5570 with GDDR3, multiplatform titles are far superior than the 360 versions by and large (save for GTA4, of course my dual-core X2 is the main bottleneck there).
Beginning with the 4xxx series, wasn't ATi using a new ROP design that IIRC could process two pixels per clock per ROP? I remember seeing articles on how 2x MSAA was being applied on a number or games with little to no hit on framerate. I always saw it as a reason as to why the 4670 I used to have whipped the 9800M GS in the laptop I used to have, since I knew the 4670 had 8 ROPs and the 9800M GS had 16. With or without OC, the 4670 scaled up to higher resolutions much better than the 9800M GS did.
I remember trying GTA4 on the 5570 I used to have, and the performance wasn't there, even with lower settings (with an Athlon II x4) but I think it was the fact that I only had 2 GB of system RAM,
on a WIn7 machine which caused the real issues.
I wish I kind of had not transfered my LP system into a full size case to give it the ability to take a GTX 460, as it was expensive getting a new case, PSU and of course the video card itself. If I had been patient I could've gotten the low profile 5750 or GTS 450 that is now available and would've been good enough for most of my needs.
And back to the real topic (Xenos vs...........whatever), I've always been inclined to compare SIMD counts, so I tend to put the Xenos as being about 3/4 the speed of a Radeon 2900 or 3800 or 46xx series GPU at a similar speed, without acknowledging the increases in core clock, memory bandwidth advantage, amount of memory available, console's extra optimizations, whatever. Those GPUs as well as the good 'ol Geforce 9600GT - G94 (which the 9800M GS is a mobile version of), all pretty much guarantee us "console parity" for the most part when multiplatform games are similarity configured to match each other graphically. At least Source, Unreal 3 give us more efficiently coded engines to make comparisons with, in which case the 9600GT really just blows the Xenos out of the water. The eDRAM die does make 2x and 4x MSAA a better fit for the 360 at 720p, but the 9600GT can actually manage 1080p rendering. Any reason that the 9600GT has to be brought down to 720p for decent FPS, Xenos would not be able to match graphically in the first place for the most part. CoD4 did give me that experience though. The 9800M GS did not really do what I expected at 1080p with no AA, so to get 60 FPS with no slowdown, I had to bring the game down to 720p with 2x AA.