That depends entirely what direction Cell2 would go. But the idea isn't Cell as in PS3. It's a different Cell, with nVidia shader pipes (unified of course) for SPEs, or SPE's enhanced with nVidia shader tech.GPUs at that time would be hard to go toe to toe with even with an Cell2 in your. Their "usable" capabilites, improved flexibility...
I think the biggest problem isn't performance, but tools. At the end of the day, if the 'Visualizer' works as well as a standard GPU, why not use a standard GPU? And if it's better in some ways, how do you develop for it?
My guess is that if we're going to see a Cell with extra graphics abilities built in, it'll be in Sony's PSP2. Maybe something like a 1:4+2 PPE:SPE+VPE, clocked at 2 GHz. The biggest concern for a Cell VPE would be memory supply I think. The benefit would be the CPU and GPU on the same die with great flexibility and internal BW. Hmmm, maybe 4 MB of eDRAM on that chip too...