R500 doesn't have 32 pipes. It looks like three "extreme" pipes to me, but I'm seeing it described as one huge pipe. It also has 48 shader ALUs and eight ROPs, as well as 32 total texture fetchers.
It's tough to compare it to an XL, but I think you're right in saying the R500/C1/Xenos is more powerful--at least at its intended 720p + 4xAA resolution. As it's a stationary target, devs will also be able to code much closer to the metal, allowing them to extract much more performance. There's probably also a greater financial incentive for them to do so, given that console games seem to sell better than their PC versions.
It's tough to compare it to an XL, but I think you're right in saying the R500/C1/Xenos is more powerful--at least at its intended 720p + 4xAA resolution. As it's a stationary target, devs will also be able to code much closer to the metal, allowing them to extract much more performance. There's probably also a greater financial incentive for them to do so, given that console games seem to sell better than their PC versions.