As I said, the compositor is a performance optimisation. From my discussion with ATI enginering the graphics chips themselves could actually do everything by themselves, but in order to do that the data would need to be passed via the PCIe bus - that solution would reduce performance for all modes, alternatively they could make board level changes, but then that would render current boards useless; the compositor allows them maximum performance without rendering currently sold boards useless.
The comositor is fully programmable device, so it can do Super AA blending, its appear to just be the case that ATI haven't had the time to code for it yet - they are likely to make that opimisation in time (so don't expect twos laves to always allow Super AA if it does work now).
Even though, from what I understand, the graphics chips themselves could do the image composition, I'm not sure that that the separate compositor chip solution will be removed from future solutions, especially since it was hinted to me that being a programmable device it can achieve other things as well (such as stereoscopic output).