Tighter timings beat out FSB hands down, no opinion about it.
This applies, however, to Intel systems only as they can run CPU/MEM asynchrously. There's a really good article that compares an Intel system at around 3.2ghz (3192mhz) 5:4 2-2-2-5(DDR226) vs the same overclock 1:1 2.5-3-3-7(DDR533). I'm pretty sure it's hidden right here on Anandtech somewhere and I've been looking for it for quite some time. I'd appreciate a link from anyone else who knows which article I'm referring to.
SiSoft Sandra is a "synthetic" benchmarking utility, it doesn't actually analyze real world performance, it takes an estimated guess. The best way to truly test performance is through FPS (not 3dMarks) for gamers, and SuperPI/encoding/anti-virus programs for those who do Multimedia. Internet surfers/word processing junkies don't even apply, no offense.
Until someone does extensive testing on AMD systems, I'd imagine a higher FSB would be more beneficial (for DFI/mobile Barton users crunching out 250+ fsb speeds) more or less due to the resulting faster CPU speeds.
It'd be interesting to see the real world results of an AMD system running 2-2-2-5 @ 200x11.5 (2300 mhz) vs more laxed timings @ something like 242x9.5 (2299 mhz). They aren't exactly the same speeds for all those anal people out there, but I'm too lazy to get into more complicated math.
I also agree that the increase in performance is negligible (though much more noticable than most make it out to be) considering the only ram capable of these speeds is no longer in production and will probably cost an arm and a leg to get.