Well, you are right in that TODAYS games might be GPU limited at those resolutions... but we are talking game development that starts today, with the expectation of 6 cores in 2 years. And a console should last 5 years or more, so there should be some headroom.
But I am impressed at how much faster the Core i3 already is, compared to my X2 (330m at 2.13Ghz vs. 2.2Ghz) in stuff like x264 or even PCSX2 (which runs nearly full speed on my laptop now
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Thing is with consoles compared to general purpose PCs is, that the use case is very limited within games. Seeing that PS3 already could run Linux acceptable (mostly limited by RAM constrains and no GPU acceleration) and even a webbrowser, there's no need for more power there, since the general steps up in CPU design will alleviate the contrains there, especially more RAM.
CELL in PS3 is, imho, a good choice, as can be seen with many first party titles. I just finished God of War 3, and that game is just on another level compared to many other current multiplatform titles. And this is mostly due to CELL, since RSX is quite limited compared to XeGPU.
Going forward, I doubt Sony wants to drop BC again, like they did with PS3... So I guess they either add something like Spurs as a DSP (the PS1 chip was once used as IO processor in PS2, until it was emulated in software and designed away) and for BC plus a more general purpose CPU compared to CELL itself. That way, Sony could probably put the die into one package with the CPU at a later stage to save costs, too. And by 2012 or whenever a new Playstation hits, CELL will be quite small too.
This way, Nvidia "must" stay too, for BC reasons. I have no idea how feasible it is to emulate something like RSX on another GPU, but given that Sony wasn't able to emulate the GS yet, I don't see them doing it with RSX either, unless they use another Nvidia chip.
As it stands now, Nvidia has the faster Dx11 chip too, but at the price of high temperatures and power usage. But there's still a long way to go until we see new consoles from either company.