No. You're only talking about games. Games are very GPU dependent. Any decent CPU with a given video card will produce a similar yield.
Outside of games (I know, shocking!) and even in a few games, most modern processors can't keep with a 5850 or a 5870. Not even getting into SLI/Crossfire setups, which is just redundant. This is why GPGPU computing is getting more and more attention because video card technology is outpacing anything else.
This is correct. Video cards do have some of the highest tech in them when it comes to processing power per a device. The reason is that a GPU has a very specific task, and is coded on the firmware level to do that specific set of tasks. Where a CPU has, many many many tasks it has to perform. A CPU also has do deal with other hardware, where a video card is for the most part all self contained.
Now factor in Nvidia and ATI/AMD have some very smart people working for them, and have lots of money to spend developing such hardware, that the GPUs that come out today, are in fact typically the fastest piece of hardware in your computer.
Now, if EFI ever comes out to be a standard, you may start seeing more embedded type systems come out to consumers. Meaning, everything will have a small processor on it and everything will work in a self contained high level firmware environment and they will all work in sync with each other. EFI would allow firmware to run 64bit full blown applications off of flash memory built into the hardware. Imagine if your video card kept all drivers, all code needed to run and some higher level applications stored in firmware for it's operation? That would be pretty slick.