Well the issue is if you are using the CPU for T&L then you can't exactly be using the CPU for lots of other things (sound decompression, AI, physics, etc)
...
Thats what will make unified shaders nice, instead of having to a specific balance of polygons to pixels instead the game developer can choose do they want tons of polys, tons of pixels or somewhere inbetween (current video cards lean towards the tons of pixels while the PS2 leans towards tons of polys).