Yes. And the rendering techniques used in 3DMark highlight that you can create complext gaming scenes and character animations with very little CPU overhead - now game can use the excess overhead for those things. the point being is that, at present, they aren't because they are still too bogged down with dealing with rendering that they don't need to with modern graphics boards.
Though I do somewhat agree that 3dmark03 is absolutely indicitive of 3d card performance in the future; I don't see it being a good indicator of actual games.
Some reasons being why.
1. I doubt seriously that 3dmark is actually calculating any AI at all; just relying on scripted events; which leads into 2.
2. Its apparent that theres no reason to do any dynamics calculation what so ever. Everything is scripted so if your trying to bench a video board you might as well put the least possible load on the CPU that you can.
3. Since everything is likely a scripted event, other things that might normally be going on in a given game won't have to be calculated by the CPU nor loaded into system memory.
Of course if I were developing 3dmark, and I had a dynamics engine available. I would evaluate my scenes and "bake" them to a cache of sorts. Since I know none of my scenery will change except for camera angle(even then few people would see, but for sake of argument) this wouldn't be a problem. Theres no reason to recalculate collisions if the same thing is happening over and over again.
I don't expect Dx9 games will be as free of the CPU as 3dmark2003 is. Maybe some time in the future we'll have "Consoles-on-a-card" type of devices that leave the CPU almost 100% idle. But thats some measure away.
Of course this is why I never considered synthetics to be an important representation of real game performance. Though they certainly make fantastic feature tests and can reflect how the card itself will do under heavy load.
As for wether futuremark or aces hardware are misleading; its easy for me to see both sides. Imagine the poor bastard who drops 400 dollars into a 9800 pro to play half-life2 on only to discover that his PIII 500 is still running it at 20fps tops no matter what the resolution.
On the flip side, 3dmark2003 does specifically come with tools to benchmark most every aspect of a typical gaming rig. And ignorance is no excuse as they say.