You can learn a LOT about how memory dividers impact performance by looking at one of the AT RAM testing charts like this one:
http://www.anandtech.com/memor...c.aspx?i=2215&p=13
Look at the performance difference between 200 MHz @ 2-3-3- and 267@3-3-3 with the same overall CPU speed. Performance improvement is only about 4% for Q3 (known to be very memory timing critical) and ~3% for Wolfenstein: ET (built off the Q3 engine). So in an extreme case performance improvement is 3-4% in games by raising from 200 to 266 MHz.
On that same chart they have an example at 273 MHz memory (a small change from 266) but the CPU is running just 60 MHz faster at 2460 instead of 2400. That change yielded ~2.5% improvement in both Quake3 and Wolfenstein:ET. if you got 3% performance from bringing memory from 200 MHz to 266, you're not going to get much by adding only 7 MHz, so most of that 2.5% has to be from a clock speed increase of ... 2.5%
Is it coincidence that the clock speed increase was the same as the performance improvment?
Bottom line is that, in general, CPU MHz is significantly more important than memory speed, at least with the A64. So a divider hurts you, but not a ton.
If you are going to use a divider, it's also important to understand how the A64 deals with memory speeds. Because the memory controller is on-die and running at CPU speed, the A64 will only run memory speeds that are an integer divided by the CPU speed. This keeps memory signals completely in sync with the memory controller. As such, memory may actually run SLOWER than you get by using the divider. This is especially true of using half multipliers.
Example: 8.5 * 280 = 2380 MHz
but if you set memory at 1:1 you're actually going to run your RAM at 2380 / 9 = 264
since 8.5 isn't an integer, it will divide by the next higher integer (9)
In the same example if you run 5:6, you may think you'd get 280 * 5 / 6 = 233.3 MHz, but you can't get that from 2380 divided by an integer. The actual RAM speed will be 2380 / 11 = 216 MHz, significantly lower than what you would think from the divider.
For people who have memory from their AXP or P4 system, it's often the best decision to just keep that memory and use it a little slower with a divider, rather than going out and spending $300 on memory that can run 1:1 speeds. As the small performance gain just isn't worth the investment to most people. Even to those buying a new system, Value RAM is like half the cost of RAM that could run 1:1, and that is a significant cost of the overall system for only a small performance gain.