Cell by and large was their plan for a GPU. Hence why Cell does ok at GPU tasks like geometry and anti-aliasing, etc. The only reason Sony had to scramble at the last moment is that their Cell as graphic theory didn't work.
That's actually not true - Cell wasn't going to be doing the graphics (so to speak), even though the original BE patent did cover that base. The original R&D into the PS3's graphics chip was centered around a processor named the RS, which has been the subject of a couple of discussions around here in the past. It was a spiritual successor to the GS in the PS2 and was supposedly in a similar vein of being a fill-rate monster. Die size/lagging node shrinks, and concern over tools maturity set Sony on a late-game course correction towards NVidia.