You don't read B3D forums enough, if you call that theory "crazy".
It sounds like a perfectly valid possibility to me. Actually, just the other day, I was discussing about the possible integration of some GS parts in RSX with someone who might had knew something about that. He didn't seem to know, but he didn't rule out the idea.
In any case, as of now, I find it hard to imagine how they could get a 100% software BC solution up and rolling that has a high level a compatibility. I'm not calling it impossible, but it really strikes me an extremely complex task. That's why the integration of some GS elements in RSX, in the actual version or the next -in which case, the first gen PS3s wouldn't be able to support any of the probable image quality ameliorations, results of the RSX rendering-, does sound like an eventuality.
In any cases, it's a scenario that we (Well, I) can't rule out for now.