The Wii CPU is definitely quite a bit more powerful than the Xbox's: it's just architecturally more efficient per clock (for nerdy reason related to instruction length, the cache size and cache locking, execution pipeline depth, etc.) The GPUs are a closer call: the Wii like the GC benefits hugely from a very large on-chip texture and frame cache, although the Xbox's GPU was for flexible in terms of what the shaders could do. The edge goes to the Wii, but it's not a slam dunk. For games that are well programmed there should be a decent graphical jump over the Xbox, although that hasn't been the case with a lot so far (many Wii games truly look sub-GC which is nonsense)