I guess the questions are based around how good Llano is on the 32nm node and how they can mitigate the issue of bandwidth. Obviously their desktop GPU line is getting progressively better and I suspect that the earliest Fusion CPUs will be 2 core + GPU models so that ought to make the cache model a little more friendly.
Your suspections have very little to do with what is actually happening, the released information tells quite different story.
Llano has 4 cpu cores, and Llano prototype chips are already distributed to some 3rd parties (like motherboard manufacturers etc). There have been llano die shots published.
AMD is not going to cripple away 50% of it's cpu cores when it's releasing the product.
The cache model that they are using is the best solution for fusion; Having common L3 cache with GPU and CPU would not help at all, the GPU would just pollute the cache and prevent the CPU to get any performance improvement from it.