I assumed it was the Merom vs. the Yonah and not you hoping to bump the FSB on a 667 Dempsey Xeon to 800 to get better performance. The difference between the Yonah and Merom clock-for-clock is supposed to be about 10%. The 800 FSB on the Merom is because the Merom core needs more bandwidth than Yonah does.
I hope that answered your question. If you are asking how a Merom on a 667 FSB would do, my guess is that the lower-clocked ones would be okay but the higher-clocked ones would have a memory bandwidth bottleneck. We don't know that one because Meroms have not shipped yet. I'd like to know that one myself as a Merom on 667 MHZ FSB is half of a Kentsfield quad-core MCM and would be a good predictor of if Kentsfield would be FSB choked.