IIRC I read a postmortem on MotoGP where they very clearly state they were CPU limited (specifically by drawcalls).
Yes, but I was inferring the pre-mortem bickering before we had any real information, i.e. the "Unstable framerates?! Must mean crappy GPU!" Of course that reasoning has followed almost every game with framerate issues.
Anyhow, MS has seemed slow in some regards getting API features out to developers. I thought that the Xbox had its API tweaked pretty early on to reduce draw call overhead. I guess that is the cost to pay of getting hardware late and releasing first.