That is a LOT of wasted silicon if they intend to keep producing the 360 model in volumes.
You're missing the point.
If MS are producing the xb720 gpu(s) and cpu(s) anyway, and the yields are such that it leaves a good portion of them unfit for xb720, but plenty useful for xb360, then it is getting better utilization of the runs they are making, while waiting for the yields to improve.
Granted, it would be better to have yields high enough to not be concerned with, but as we saw with Cell only having 7 active spu's instead of 8, yields are likely to be an issue at first.
Another way MS/Sony might want to get around this issue would be to have a use for the gpu outside of the strict specs of a nextgen console.
Using off the shelf gpus would enable them to utilize dies which can't quite cut it in a console, but are fine in a low/mid-range add-on card.
If the die-size/transistor budget is anything like I think they will be for nextgen consoles (4B trans), the GPU's budget will be a huge part of that (~2.8B trans) as they will be taking over more number crunching duties from the CPU, along with more work for graphics. With such a large die budget, the chances of getting each chip perfect are pretty low if it is indeed one large GPU. Splitting the die into two enables significantly better yields, and splitting it again increases the yields even further. I don't imagine they would want to go too far with this approach, but 4 dies on a package is doable and using one of these xb720 gpus for the gpu replacement in a future xbox360 slim2 would be a good way to utilize leftovers that couldn't meet spec in xb720.
More expensive than a 28nm apu designed just for being put into a xb360? Absolutely. But I'm sure at some point, utilizing the leftover dies of the xb720 gpu's which couldn't make spec DOES make sense.
I just have no idea where that point is, nor if it is even necessary as yields may be good enough to not be a concern.