A chip on the motherboard -
The Northbridge manages communication between the CPU, memory, PCI express and the rest of the motherboard.
In linked mode, the Northbridge has a base clock which is the clock for the FSB while the memory bus clock is obtained from the FSB clock using a multiplier. In unlinked mode both clocks are virtually independent.
The ratio of the memory bus clock to FSB clock in linked mode is referred to as the memory ratio/divider (some bios use FSB:memory). The intel specified/effective FSB speed for a CPU is 4x (cos its quad pumped) of the base clock (e.g 1066MHz =4 X 226MHz) while the DDR2 memory speed is 2x of the memory bus clock.
To overclock a CPU with 'fixed' multiplier one increases the base clock which (at fixed memory ratio) indirectly increases the memory bus speed.
Setting the memory ratio/divider to 1:1 makes the memory bus clock equal to the base (FSB) clock. This gives more headroom to increase the FSB before hitting the speed limit of the memory. If u fix the memory speed, and/or set the memory ratio to auto, the motherboard bios will adjust the memory ratio so that memory bus clock is scaled appropriately to achieve the memory speed that is closest to your specified speed (or auto detected speed). Specifying the ratio explicitly gives u a finer control over ur overclock, while with the 'auto' selection, the bios picks the ratio it feels is appropriate (and safe).
For your Question
at 200MHz base/FSB clock
CPU FSB speed (4x) = 800MHz
CPU clock (11x) = 2.2GHz
memory bus @ 1:1 = 200MHz
DDR2 speed @1:1 =DDR2-400
memory bus @ 3:2 = 300MHz
DDR2 speed @3:2 =DDR2-600
if you set the memory speed to auto, the bios would have selected on your behalf the 3:2 ratio
at 270MHz base/FSB clock
CPU FSB speed (4x) = 1080MHz
CPU clock (11x) = 2.97GHz
memory bus @ 1:1 = 270MHz
DDR2 speed @1:1 =DDR2-540 (not standard)
memory bus @ 3:2 = 405MHz
DDR2 speed @3:2 =DDR2-810
if you set the memory speed to auto, the bios would have selected on your behalf the ratio that seems to provide the closest match to your specified speed. This will likely be a ratio that is just lower than (400/270)=1.48 which i think is 5:4 and will result in DDR2-675. I dont think the board will pick the 3:2 ratio that will result in DDR2-810 (slight overclock) which wld be the preferred choice.
Hope this helps (and does not confuse u)