whilst this is true in the past, in the future with multicore, u have the power that will otherwise be sitting around idle. esp the ps3 + future many multicore pcs ok since the main game code is linear u have to do it on one core, what r u gonna use the other 6 cores for? AI/physics! sure but not all 6 cores worthzed JC has specifically stated the procedural texturing has always been mentioned as the next big thng in "consoles" and other generational hardware but it never works.
anyways heres a post along similar lines i done a while ago
http://www.gamedev.net/community/forums/topic.asp?topic_id=364647