I would tend to say that a gig of ram would outperform 512mb in pretty much any ddr/ddr2 situation available today. Generally ram comes into effect more when loading or caching and I wouldn't think you would see any direct frames per second type of effect.* What kind of setup and game are you talking about, Jinn?
A third option might be if your motherboard and ram could support it to put all of it in and then set the clock speed somewhere in between 333 and 400 (overclocking the slower ram and underclocking the faster ram) to kinda get the best of both worlds.
A fourth option is that the two 256mb sticks in dual channel would give you higher bandwidth and thus performance than the 512mb stick alone. (pc2700 = 2.66gb/s times 2 for dual channel is 5.33gb/s compared to the 3.2 gb/s of the pc3200 ram) Of course bandwidth isn't everything, a smaller amount of ram that you can access more quickly wouldn't necessarily be better than a larger amount of ram that's a little slower.
*Unless you're dealing with one of those video cards that shares system ram... but even then more total space might be better than having it be a little faster.
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