the difference is the speed of the FSB. The tbird 266's have 33% more FSB bandwidth (133mhz (266 DDR) instead of 100mhz (200 DDR). They only run at thier full speed on a MoBo capable of the 133mhz FSB, but on such a motherboard, the proformance gains are said to be quite significant. Note that most tbird 200's will work with the higher bus speed if you reduce the multiplier so it is running at the same speed. (ie, buy a 1ghz tbird made for the 100mhz FSB, unlock the multiplier, and change it from 10 to 7.5 and set the fsb to 133)
And there are TONS of reviews using the higher FSB speed, generaly showing a very signifiacnt proformance increse.
-Az