I was also wondering, if I had say a 5550 that was 1gb ddr2 and one with 1gb ddr3, would the one with ddr3 perform 1.5x as well? Does it essentially have 1.5x the memory?
1GB of memory is 1GB of memory. The issue is that one gig card uses slow DDR2 instead of DDR3. While it has 1GB just like any other one gig card (and 4x as much as your 256MB 6800GT) it doesn't have as much memory bandwidth. This means loading data into memory will take longer then a DDR3 or 5 card.
The reason this matters is that even if chip X is faster then chip Y, if you pair it with slower memory it will spend clock cycles waiting for info from the RAM and it could provide lower frame rates. The other thing you need to worry about is the resolution, as 256MBs isn't enough ram for much of anything above 1440x900.
The 6800GT is probably around the speed of the 9400GT or so. I believe the 5550 is faster then that. The only question then becomes how much does that DDR2 slow it down by? Seeing as you have both cards, throw some games at both and tell us which is faster.