It should make a lot of sense to produce a fusion processor on an advanced (and more expensive) SOI process in one of AMD owns fabs:
By that timeframe AMD could implement their large L3 cache not in SRAM anymore but in embedded DRAM Cells from IBM that use SOI to build up the capacitor.
You have to remember that the Xbox GPU already uses EDRAM for a very fast framebuffer and others. The increased size L3 Cache (3x more memory than SRAM) could be made configurable, so that CPU and GPU can access the same same without going over the extrernal memory. That would realy allow to the GPU and the CPU to efficiently collaborate.
Compare too the 6MB in Shanghai, the Fusion processor could feature 18MB L3 Cache.
The integrated memory controller could do DMA into this L3 cache to completly hide latency for larger GPU-type workloads.
This would indeed be more than than a simple combination of CPU and GPU: It would allow to realy create a fusion of both CPU in the sense that each part can work best on a specific workload.
If I were a betting man I'd say the 3x jump in L3 size from Barcelona to Shanghai is due to the use of ZRAM. I doubt it can get much denser than that for AMD... 18MB caches are probably a long way out for them, unless they start building in Intel fabs