One also has to keep in mind that Intel wasn't first at attempting this. Sony's original plan for PS3 was for it to not have any GPU, but the SPUs would do the graphics. It ended up shipping with a traditional GPU.
If GPUs keep getting more general, and CPUs like Larabee keep getting more parallel, with some special GPU-like fixed-function sauce bolted on, one would think eventually there would be a crossover point where they are, at least, within the same ballpark as each other..
PS3 Cell was too early, but maybe Larrabee isn't. I hope it isn't. It seems to be addressing Cell's big short-comings for competitive rendering performance (e.g. texturing and some other fixed function logic. PS3 Cell had NO graphics specific logic). I would love to see Larrabee be at least reasonably competitive with high end GPUs of its own generation. Particularly for the next consoles - two ~200-250mm^2 identical processors in the box instead of one cpu and one gpu could be very very nice indeed..