Well first off all the RSX didn't have the dev time of the 360 GPU.
And? Nvidia wasn't sitting idly until they got the order, they've been making 3d chips for a long time now. How custom does a chip have to be? These things are already optimized for their purpose which is 3d graphics. Furthermore, NVidia had a year more than Ati do get tech to fit in there so the RSX is going to be a later generation chip. I'm thinking it comes down to what tech Ati had a year ago vs. what tech NVidia has now.
The RSX isgoing to be better at graphics than a Cell, that's a given. Highly optimized vs. all-purpose? Even though the Cell is a more specialized chip than the IA32 it's not as specific as a GPU.
Also KDR, ever since the PS3 was announced Sony been showing the specs of Cell in an effort to show the PS3's superiority. If the RSX were truly more powerful than the 360s GPU, Sony would be shouting this from the rooftoops and pointing out its superior features.
Last I checked they were doing that (remember the 2 TFLOPS claim? The Cell accounts for ~600GFLOPS. The 360 claimed something like 1TFLOPS with ~350GFLOPS being in the CPU).