Can there be a "depends on card/game/situation" option?
If you're running with lots of AA/AF, or with high in-game texture and detail settings, memory bandwidth is likely to be throttling all but the very fastest cards out there today (the ones with 500Mhz+ GDDR3).  Without AA/AF, and at lower resolutions and detail settings, pixel fillrate (ie, core speed) becomes the limiting factor.
With my current card (a 9800Pro), running with moderate AA and AF at 1280x960/1024, memory overclocks help more than core overclocks, although both improve performance.