Looking at the DirectX11 slides, I get the impression that we currently don't fully know yet how good the GPU performs here because DirectX11 still has a few major snafu's that apparently DICE is working with Microsoft to solve.
The philosophical question remains whether in a console you need a CPU and a GPU, [ you mean more CPU or more GPU power, right?] and what level of flexibility you need them for. It's a very difficult question to answer still if you ask me - current GPUs are more and more designed to do everything at once in a game, and so are already pretty much CPU + GPU in a sense. In a situation where you can't afford to waste resources too much (having the CPU idle, for instance, as would happen in many PC games I'm sure) then what kind of CPU and GPU combination is ideal?
What DICE is saying about future consoles is that research into good use of DirectX11 is good preparation for developing for next-gen consoles. That is, by the way, the strongest hint (apart from Microsoft's job-adds
) that we're entering the last two-three years before the next console cycle (not that anyone would really be surprised)