Pixel shaders ARE register combiners in the GF3/GF4 architecture. Pixel shaders, as you have been lead to believe, are not programs executed like assembly language. They are syntactic sugar used to setup multitexture blending stages and combiner units.
DX9 shaders are implemented completely differently.
Secondly, those are 2 combiners in loopback per pipeline. Each pipeline can do 2 ops per cycle.