The example for IND-CPA secure schemes given is generally:
for a random r,
Enc_k(m) =(r|| E_k(r) XOR m) where E is a PRF
But does the role of r and k really matter--i.e. isn't this equally secure?
Enc_k(m) =(r|| E_r(k) XOR m) ?
The pseudo-random $E$ is meant to model a real-world cipher algorithm in some appropriate sense, so it is generally assumed that an attacker can compute $E_k(x)$ for all $k$ and $x$, and can compute $E_k^{-1}(y)$ for all $k$ and $y$.
In CPA, you let the attacker choose $m$. If you then give him $(r \mathop\| E_r(k) \oplus m)$, he can use his knowledge of $m$ to find $E_r(k)$, and since you're explicitly telling him what $r$ is, he can invert $E_r$ to find $k$. Poof, no security at all.
Beware: It turned out (see comments) that I probably misunderstood the question. If $E$ is actually a pseudo-random function, then the that property is supposed to be symmetric in its two arguments (and writing one of them as a subscript is just suggestive of their intended roles), and $E_r(k)$ and $E_k(r)$ are indeed equally secure. On the other hand, then $E$ cannot be instantiated to be an ordinary cipher, because ciphers, even ideal ones, are not actually PRFs.
No, it is not equally secure. Consider an instantiation where $E$ is instantiated with AES, and where the message is always 128 bits long. Can you find an attack on this particular version of the scheme?
This smells like homework (I'm guessing?), so to avoid ruining the problem and give you a chance to learn from it, I'm just going to leave it at that. I think you'll find the process of working out the rest of the details to be instructive: for instance, it might help you understand IND-CPA security a bit better and how a scheme can fail to meet this security definition.