His efficiency figures for "previous hardware" are questionable. I don't know any different, but I wouldn't blame him for overstating the situation..if you asked NVidia how efficient their cards are, you'd probably get a different answer. Or even from ATi themselves when they're promoting their PC cards
In a closed system you will have games moulded around the hardware. Xenos will be more efficient with more arbitrary mixes of instructions, but programmers have control over the instructions going in (even though this varies from frame to frame, they do have some high level control), and thus utilisation can be influenced to some degree. With a closed system, you can design for the hardware specifically in front of you, unlike in PC land. I'd wonder how utilisation would look on a game designed for a specific "traditional" card's hardware distribution..
Also remember that "traditional architectures" aren't arbitrarily designed..the balance between pixel shaders and vertex shaders is aimed at the most common cases.
There are a number of other issues to look at if you wish to make comparisons also. They've aimed for efficiency on one level - the level of shader utilisation - but what about efficiency inside the shader? On that level, dedicated shaders should outperform unified shaders and would be more efficient. To what degree, we don't know, but that'll be a key point in determining if the tradeoff was worthwhile.
Furthermore you'd have to consider apparent differences between raw performance, although this is a murky point at this stage until we know more about RSX. We do know there's a 10% clock advantage, and possibly more shader logic however.