Well, see it could also be like the p4 vs a64, where one was designed for high ipc, and the other designed for high mhz. So, if Nvidia's archtecture is faster at the same clock rate, that would also mean it would be harder to reach the higher mhz of Ati's cards. Not that one is necessarily better than the other, there's a lot of other factors involved, but it would be an interesting test.
I'm curious, though, because a 6600 vanilla is slower than a 9800p, but the 6600gt is faster. So, given that the only difference between the 6600 series is clock rate, how would a 6600gt compare to a 9800p is you downclocked it to the same level. Also, what would hurt it more, downclocking the gpu or the memory?
Edit: actually since the 6600gt is a 128bit memory bus, you can't really compare them fairly at the same mem speed. But if a x850 @400 = x800xl, I'm guessing Nvidia will be slightly faster at 400.