It probably has to do with what else you might be doing and running on the machine. I upgraded to the dual quad when it was released, but still have the dual 2-core machine as well.
I have 12 to 15 programs open on the machine, and rarely quit any program. Lately I've been doing a lot of ripping of DvD's with virtually no impact while doing photoshop, and often I'm streaming to my AppleTv at the same time. Of course, it could be the other machine would perform just fine, but I'm guessing if there is any difference at all, it normally won't show up comparing 2 computers running only 1 task. Only if the application is incredibly optimized and has a need to run large numbers of threads, which most of the time photoshop doesn't need to do.
Photoshop by itself itself operates almost identically on both machines.
My current setup is similar to Jeff's, except I have the 4 750 gig drives running in a Raid 0+1 setup. I've been realy happy with the performance, and I've always liked raid 1 as the ultimate backup over raid 4/5. The downside is 3TB of drives only yielding about 1.4Tb of storage, but heck, 1.4tb of fully rendundant storage running close to Raid 0 speeds ... not bad, and the drives really aren't that expensive anymore.
Jeff probably gets a little better performance with his system/applications on a different physcial drive, and he may get a little more storage space with that arrangement as well. I thought about that approach, and it might be better, but decided to try the Raid 0+1 because I"ve never used it before.
BTW, the fact that you can use 4 sata drives so easily in the new macs is one of its best design features I think ... very cool.