a 640x360x4AAxFP16+Z buffer takes 10.54 MB, so if it fits in R500 edram (I don't know the exact amount of edram!) 4 tiles would be enough to render a fulll 720p 64bit 4x AA frame!
This way tiles would be so big that a non managed solution would suffer an absolutely negligible hit, a managed solution would take more overhead.
With a 32bit render target a 3 tiles (1280x240 per tile) solution would nicely fit in R500 edram too.
More I think about R500, more I like it