This paper presents a comparison and analysis of selection relaying with transmit beamforming as an effective approach to combat channel impairments in relay-assisted cellular networks. We consider the downlink scenario where the base station equipped with N antennas transmits to the mobile station either directly, or indirectly via a relay station, according to the link with the strongest received signal-to-noise ratio (SNR). We compare two amplify-and-forward protocols: i) fixed gain relaying which requires partial channel state information (CSI), and ii) variable gain relaying which requires full CSI. We present new exact closed-form expressions for the generalized moments of the end-to-end SNR to characterize the higher-order statistical properties of the SNR. We derive new exact closed-form expressions for the symbol error rate (SER), which are valid for a wide variety of modulations. Furthermore, we explicitly characterize the asymptotic behavior of the SER to obtain two key performance parameters: the array gain and the diversity order. Based on these, we reveal that the SNR advantage of variable over fixed gain relaying vanishes in the large N limit.