It's not FUD. It's just not an intended use case.
It's FUD in-so-much as the way these things work is misunderstood, I think? The RSX is the boss of the memory bus between itself and the other components for the most part. From what I understand, the RSX can stream textures from main memory at high speed, and read a framebuffer from there in the same way, as well as vertex data.
But similarly, the RSX can push data straight at the Cell or even (only?) I think directly at an SPU, which can then process, pass on, and write to, say, a framebuffer or a texture in main memory, from where RSX can pull the data again.
So the 16MB/s is just the Cell who can't read fast from the graphics memory. So why is the GPU boss of graphics memory, while the main memory can be accessed so 'freely' by both the Cell and the GPU? This is because the main memory is RAMBUS stuff, made and slotted into the motherboard to be effeciently accessed by several components at once. The graphics memory on the other hand is GDDR memory designed to be very quickly accessed by one component only. Hence the RSX being master of it.
That the Cell can in fact sort of write to it directly at all, is because for DVD/BluRay playback, it's convenient to be able to use the Cell to process the compressed stream and put it straight into the framebuffer. The 4GB/s alotted to this is just for that purpose (but note that it was also useful in the Linux environment where the RSX was taken out of the picture completely for security purposes, in hindsight a correct decision I think).
So at any rate, this means that the RSX has the high speed read/write necessary for close cooperation with the Cell processor and its SPUs to make an interesting, integrated rendering pipeline.
Note that this also answers the question of why the RSX was linked to its graphics memory with a 128bit interface - the other 128bit is hooked up to main memory.