I'd say this is a really bad guess on your part.
The whole purpose of discrete graphics cards is to provide hardware acceleration and that's been their entire evolution. They really can't do anything that a cpu can't do better, but they can do specific things faster and cheaper then a desktop full of cpu processors. Even their simplified processors are nothing more then a way to make cheaper and faster imitations of cpu processors.
Partially resident textures are the cutting edge of modern computer graphics for movies as well as games. The same technology can be used to make better looking streaming videos as well as video games and hardware acceleration is just the cheapest and fastest way to go. Its all about being able to put the best looking picture on the screen as possible while maintaining a constant frames per second and doing so as cheaply as possible. As usual AMD is testing the technology out on their discrete graphics cards first, but I have no doubt it will eventually find its way into their integrated graphics for portable devices.
First of all: AMD has admitted that the concept of Megatexture has problems with their exisiting chip design.
Otherwise it wouldn't take so long to provide a working driver unless their driver programmers are complete morons.
It's a logical step to tune their chip layout to work with this and if you're doing something new, why don't do it in a big way?
Might be a good argument to sell your product.
About the partially resident (tiled) textures:
We had a similar concept years ago with splitting up the complete rendering process into tiles with the PowerVR chips. It didn't work out on pc because nobody really understood how to use this or was willing to implement it on pc. Today the PowerVR chips are available only in smartphones and handhelds.
As for your statement that that gpus can't do anything that a cpu can't do better:
I know that lot's of scientists use graphics chips with specialized drivers for number crunching. Cpus are more flexible in handling tasks but despite their higher clockrate, they loose tremendously in terms of speed. As you said, speed is a big factor.