Not refresh rate, but frame rate at a certain resolution. The two are not required to be synchronous, you know. I run 120hz refresh at 1280x1024, but my video card is only good for 2-3 fps sometimes (definitely not ROP limited =).
And 4x the ROPs is a *huge* difference. That's the difference between being able to render 800x600 and 1600x1200 at the same frame rate (roughly 120 fps on ~600 mhz cards, unless I typoed data into xcalc). Everything can be a bottleneck at some point, but 4 ROPs is nowhere near enough unless your target resolution is 800x600 or target frame rate of 40 fps at 1600x1200.
In summary, if your target is 40 frames/sec or low res for very shader, geometry & texture heavy rendering, you won't be ROP limited with a 4 pipe card like the X1600. If you're trying to do high res or high frames of relatively easy to compute scenes, you will be.
(p.s., the X1600 is also possibly bottlenecked on textures, only having 4 texture units as well. That's a whole different topic re: theoretical impact on performance)