I'm not sure I buy that, because Microsoft will likely be footing that bill (they did for the original X-Box, I know that). And besides, consoles are typically much higher-volume parts, and longer lasting, so I don't think ATI would have any problem recouping their investment there.
That said, of course ATI is going to want to keep R&D costs to a minimum regardless of how much money they may or may not stand to get back. But I don't see any connection between the R&D of the Xenos and when ATI should release their next architecture (after R520).
That is to say, they've already spent all this money on the R520, so it makes sense for them to attempt to get as much out of that investment as they can. The Xenos should easily make enough money on its own.