System Bus
I don't pretend to know everything about this issue, but I think I can supply you with some information.
There are several different areas that comprise the System Bus. I think what they are talking about here is the bus from the processor(s) and the RAM. Since we are talking about DDR RAM here, the data path into and out of the RAM is 128-bits wide. Actually that is 64-bit one way and 64-bit the other way. So Idealy we are talking about a theoretical maximum data throughput on this specific bus of 8.5 Gb/s. To get that you take the number of cycles in each second (133,000,000=133 MHz) and multiply that by 64 (the number of bit streams. Now remember I said 8.5 Gb/s, not GB/s, Gb=Giga-bit, GB=Giga-Byte. 1 Byte=8 bits, so you are about 1 GB/s real world transfer.
Now I left out a few things to get to the number Apple posted. If we were really talking about a completely 128-bit bus to DDR memory, the number would be much greater.
DDR=1 Write+1 Read each clock cycle (which is where they get the DDR 266 {2x133=266})
Now we are looking at a theoritical max of 17 Gb/s or 2.1 GB/s. However this is not a perfect system as the processor(s) are still 32-bit.
That is the main bus, and the one I think they are referencing in the ad. But don't forget there is much more going on in a computer than just processor to RAM. You can't forget about the PCI bus, IO bus (keyboard, mouse, USB, serial, ethernet, video), and HD bus.
Right now the slowest part of your computer is the Disk. The fastest IDE is now at 133 MB/s burst speed. And that is only one direction. These machines (Xserve) use ATA 100 Hard drives, which have a burst speed of 100 MB/s, and since they are IDE, you can only access one disk at a time. That is where SCSI excels. With an array of SCSI disks, you can have data going in and comming out of all hard drives at the same time. I think their data transfer rate is slightly faster as well.
I hope this helps