The problem with the edram in the 360 is that: 1.) it's too specialized, it is only good for framebuffer data, and works best with forward renderers which are going out of style as you point out. 2.) There is not enough of it.
If you could stack a 2gbit DRAM die on top of your GPU, or just connect it through a fast wide on-substrate bus, you have 256MB of very fast memory. 256MB equates to 128 bytes per pixel. Let the memory be general purpose and let the developers decide if they want to blow it all on multiple render targets and lots of MSAA (and stereoscopic), or use some of it for textures, fast access for GPGPU or the CPU, etc.
The PS2 proved that edram can be immensely useful.
Cheers