I think it's gonna come down to what developers do with those cores, and how creative they can get with the power available to them.
I think if used properly, the Xenon could do thing in terms of AI that Cell isn't going to touch.
Cell I think will be the same way, but in term of physics.
Here's one thing that hasn't been mentioned too much, where's the sound chip for the PS3?
While MS has quitely stated that the XBox360 will have dedicated sound hardware, Sony has made said much about it's sound setup.
I wonder if the rumors about Sony using Cell for sound processing are true?
If that's the case, it will be the first time since the N64, a console lacked a dedicated sound chip.
Ironicly, the SPEs in Cell are very DSP like in nature.