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It's proportionate, really. The framerate is both affected by core and mewmory clockspeeds. Correct me if I'm wrong, but the memory spped is the fill rate of the game. Therefore the greater the memory speed, the greater the fillrate, the grater the frame rate. However, the core does all the gpu calculations for example positioning and geometry. So the faster the core, the faster the calculations.
I'm pretty sure fill rate is GPU speed times pixel pipelines. ie. the X800XT's fillrate is 8000MTexels/s, and it's GPU is 500MHz, with a 16x1 pipeline design
It really depends on the card youre using, and if the game likes memory bandwidth, or GPU performance. Try different combinations and see what works better for you.
GPU is fillrate. 16pipe x800 xt @ 520mhz multiplied by 16 pipes gives you a fillrate of around 8300. Simple math :\. Overclocking raises that obviously. I think both memory bandwidth and fillrate are equally important though. I'll state my reasons later, righ tnow i'm late for something