Dynamic environment maps - need to draw the scene's geometry 6 times (hopefully simplified geometry, but it's still there)
Shadow maps - need to draw the entire scene's geometry (non-simplified), possibly multiple times for cascaded shadow maps
Motion blur - depending on the technique used, you need another pass to fill the velocity texture
Gears of War uses multipassing (and I think all UE3 games do, actually), and they stated that they draw 10 million pixels per frame. 720p is 0.92 MPix.
Many (maybe over half) of your polygons will be either offscreen or backfaces. When processing those, the pixel shaders' only hope of staying active is to feed off of visible polygons sitting in the post-transform cache, which won't be much. This means a lot of idle time, so saying 4.5 tris/pixel assumes the vertex shader is always working at full tilt and the pixels shaders never cause a VS stall (which is impossible because you can't enforce all the triangles to be small in a dynamic game).
On top of all that, you have no guarantee of getting 275M polys per second anyway. RSX's vertex engine can only load one attribute (i.e. a 4x32-bit vector) per clock. For a simple bumpmapped surface, you need position, normal, tangent, and texture coords. More complicated shaders could need much more data.
Add this all up, and I think practically achieving even 1M visible polygons in the scene would be very tough.