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Marc S."If that is true, does that mean there is alot of money in buying SGC graded cards, submitting it to PSA, and selling them? That may sound "un-hobby-like", but there's a ton of people looking to make money. Are there a lot of people doing this?"
Kenny - that is not the case at all. If every grading company graded the same - then absolutely that would make sense. But most buyer of, say, vintage GAI 9.5 or GAI 10 cards know that they generally do not cross to a PSA or SGC counterpart. Also - there are certainly instances where PSA might think a card is not altered - but you would get a disagreeing opinion from GAI or SGC. I know many of us have had that happen.
Your theory only works if a PSA 5 = SGC 60 5.0 = GAI 5.0. Many dealers make good businesses out of inspecting cards in person and making strategic crosses. But for an average collector on Ebay who is looking at scans, beware. Remember - people generally aren't stupid [although there is a fair amount of irrationality in this hobby] - and they generally wouldn't leave money on a table if they knew that they could cross a card and make a few hundred dollars.