Apples & Oranges
Well the only flaw in your thinking is that a 256MB has a snowball's chance in hell of competing with a 512MB dual video card setup. With SLI using the 6800 Ultra, you are not just doubling the memory, you are effectivly using two 1.1GHz GPUs to reak havok upon any game you could possibly throw at them. I know you said that you are not looking for best "value" but overall system performance. Hands down, the SLI config would be the obvious winner here.
With that said, the X850XT-PE is a smoking fast card. It boasts more features than the 6800 Ultra, and actually has a faster GPU when comparing against only one 6800 Ultra. For $700 you are no doubt gonna be the big boy on the block for quite a while. Most casual gamers are not going to drop that kinda look for a video card, for that matter, many of them may not have even spent that on their computer.
In summation, for raw brute-force power to handle anything you throw at it, the 6800 Ultra/SLI config is clearly the victor here.