It is interesting to see the effect of overclocking the two parts in isolation. Often times video cards do not oc proportionally, this could make it easier to decide whether it's paying more for e.g. a lightning or equivalent which has better memory / voltage control for the core etc.
I think all 3 aspects are important, core, memory, and combined. I don't think I've seen reviews (for sure not lately) focusing on them like this.
I would love to see the 7950 investigated too as it has great core overclocks and the wider bus so may not be so memory limited. Actually I'd love to see the whole range of cards put through the test.
Considering that the best way to overclock is in isolation (oc memory with the core at stock, then vice versa) as you mentioned, this type of investigation tells you which cards it pays to concentrate on squeaking out the last bit of performance on the core or memory, or both.