Not at all. When you massively over engineer the CPU and include a nearly-pointless BR drive that jacks the BOM close to $300 more than you're selling it for, getting an off-the-shelf GPU part that's almost as powerful (more powerful, in fact, in raw terms) as the competition for a fraction of the price is a steal.The PS3's saving grace? It's the consoles weak link.
For the cost, Sony could not have included anything more powerful than RSX, and without it they would have been very much up the proverbial creek. So yes, saving grace.