One thing that B3D's reviews have shown is that D3 is actually one of the less CPU dependent games today. It's certainly less CPU bound than say, FarCry, which is often described (rightfully so) as the trully first D3D9 game. For instance, on my P4 3.2C paired with a X850XT PE D3 ceases to be CPU bound at 1280x1024 without using AA. And when using 4xAA the game becomes gpu bound right at 1024x768.
So even with a (what is now) a mainstream CPU, ATi's top of the line GPU still becomes the bottleneck without requiring ultra high resolutions. In comparison, FarCry remains CPU bound even at 1280x1024 4xAA/8xAF.
So, while I think you are right about the different in-order/out-of-order architectures playing a part, I think the primary reason is probably the lack of final hardware (by the time these Q4 previews were written) and the fact that Q4 for xbox 360 is a little behind the PC version and will be released later.