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It depends on what you're trying to do with the machine. For light gaming (like WoW, source engine games and most games from before 2007), they're both adequate at low settings/native resolution.
As for source engine games I can tell you that it can do better than Low.
PORTAL Gameplay on the AMD C-50 powered Netbook, NB550D...
Half Life² Gameplay on the AMD C-50 powered Netbook, NB550D...
And that is the 'C-50'. It is also a 'Brazos' APU like the E-350 but with the CPU-Part @ 1Ghz and a GPU-Part @ 280Mhz.
The E-350 is clocked @ 1,6Ghz and 500Mhz so it should be able to do even better, although it seems to hit the Single-Channel limit.