I think the Droid GPU is better than what the Snapdragon has, at least in benchmarks. But that's just 3d rendering, as far as I can tell. The Snapgragon, for it's computing power, blows everything else away. You see how smooth it runs WinMo on the HD2? That's downright impressive.
From what I've read so far I think it's effectively a tie. I know each has their strengths but not convinced users can/will really notice it. Benchmarks are often not really relevant to end users. I consider the Snapdragon to simply bring HTC up to date.
Then again, I have no experience making a comparison personally so take this with a big grain of salt.
The Snapdragon has a dedicated GPU as well. The problems have been crappy drivers for the hardware. This is due to a licensing issue between HTC and Qualcomm. Its supposed to be able to push out 22 million triangles a sec.