It's looking pretty certain now that ATI's GPU + EDRAM architecture for R500 consists of 2 chips.
I dare say the key thing was to create an architecture for a GPU which enables this split, in order to free the GPU from otherwise being restricted, as you say, by on-die EDRAM.
ATI's patents on this architecture go back to 1998, with the current form determined in 2000. I dare say it's been a matter of waiting until such an architecture can meet the constraints of the PC gaming business, with the support for legacy games and coding techniques creating a sizable overhead in GPU resources.
We don't know what the die area for 10MB of high performance EDRAM is - we only know that low-power EDRAM would consume about 225mm squared at 90nm. (Bad memory alert: breakfast still settling, maybe it's 150mm squared, anyway whatever it is, it's a big package).
Looking forwards to a PC GPU with EDRAM, it would prolly need 32MB of RAM to cater for the high end PC resolutions. Either that or it would be forced to settle for rendering a frame in portions (I won't call them tiles, because we're talking about a half or quarter of the frame).
Jawed