There is a flawed assumption here that the RSX only has a 128-bit bus. It actually has two of them - Sony didn't so much halve the bandwidth as split it between two paths (one to the vram, one back to Cell).
It's not the same as having a 256-bit bus, but it's not nearly as bad as only having a single 128-bit one. With good planning and management of resources, more bandwidth can be had. It also means that the system has pretty good bandwidth for keeping the GPU fed by the SPEs, something that might not be possible if the system had stuck with a slower path between GPU and CPU just to get more GPU->vram bandwidth.