EE is not analogous to CELL eg EE in PS2 was used for TnL...CELL in PS3 isn't. Not only that but PS2's main increase in performance output was graphics. Since PS3 is has traditional GPU with built-in TnL as well as better tools, there won't be a major improvement in graphics like there was with PS2. I don't foresee major graphics improvments from "untapped CELL performance"...physics? Sure.
I think you have it backwards. Putting the Cell processor to physics-based work is easier, done from day one by many games (even if sometimes only for cloth-simulation ...). But how the Cell and RSX interact in terms of all sorts of culling, vector animation, post-processing, volumetric rendering and god knows what else, that's the interesting bit that will see a lot of improvements. There's all sorts of fun things you could do, even with textures generated or, I think maybe even more important, manipulated by cell and so on. Procedurally generated geometry?
Also, don't underestimate what programming to the metal means even for the RSX. There's more to its implementation in the PS3 than just being able to texture from both GDDR and XDR memory pools, and I bet even that isn't used by most games yet, never mind streaming textures. There will be people here more qualified to comment on this though (hoping nAo pops in for this one).
The whole memory, FlexIO, XDR, Cell-cores, RSX, GDDR, and the way each can access the other and so on really allows for a lot of different approaches.
Right now, there are two major development paths underway.
One is making sure that a more general approach for multi-platform games works well on the PS3's more outlandish architecture (think more generic SPE job systems). Think CodeMasters, Ubisoft, EA, Epic, etc. For this, Sony among others is providing assistance (think the Neon engine project), and middleware like Havok and Epic's Unreal Engine provide an abstraction layer.
The other is PS3 focussed developers who are developing a specific game, which they can bring into harmony with the hardware as much as possible. Think the likes of Polyphony Digital, Ninja Theory, Naughty Dog, Insomniac, Factor 5, Evolution Studios.
Added to this is the earlier mentioned parallelisation, focussing development on datastreams more than ever, and I think there is a tremendous amount of growth possible there too.
Then there is the whole HDD available by default, which allows for new programming methods at least compared to PS2 games, combined with the option to stream vast quantities of (i.e. up to 50Gb of compressed) data from the BluRay disc.
Oh and let's try not to make any inter-console comparisons in this thread.