Wow you people need to read some CPU docs.
What M$ have told you is.
3.2Ghz PPC with 3 cores each with 2 hardware threads & SMT tech.
In Simultaneous Multi Threading ... the two hardware threads have a thread priority assigned to them by the programmer... say we have 4 levels... 0,1,2,3;
0 being MAX ... if thread 0 is set to MAX priority then it runs with ALL the CPU's power and only allows thread 1 to run during delay cycles...
if its set to 1 then it uses 3/4 of the CPU whilst thread 1 gets 1/4... etc... (note this is a major simplification).
The core will always attempt to fill delays in one thread with instructions from another thus the Simultaneous name - two instruction steams running through the same execution pipeline at the same time.
Note - this is information freely available on many websites NOT specific to X360 as SMT is NOT a new thing.. just newly implemented.