Why is the time step relevant? If all you did was blending for a whole frame, then sure, you could average 150GB/s for a long time, but no one does that. The real question is, "for real workloads, is the ESRAM bandwidth going to be a bottleneck?" And the answer is obviously no. The ESRAM can provide the bandwidth required for most workloads requiring 16 or less ROPS, as long as you're doing a mix of reads and writes.
Will the full bandwidth be utilized all the time? Of course not. Do you drive your car at 60 miles an hour 100% of the time? No. In fact, my vehicle informs me that my average speed is 25 miles an hour, despite the fact that I have no trouble maintaining 60 mph when required. And that my peak speed is apparently 120mph.
Most of any frame will be low bandwidth. The only time you need full bandwidth is during ROP heavy operations like blending, which typically take a small fraction of a frame.
There, complete with car analogy.