Oh yeah for sure, I'm not one of those nitwits who think that CPU is irrelevant for games. Try playing the Witcher 2 on a low-end dually and see how that goes as well
Like many general truths, it's important to examine the granularity of the elements that comprise it. And while GPU is indeed fundamentally much more important to a good gaming experience, lack of CPU power can be a game-breaking problem with certain situations.
What does seem to be fairly immutable is about a 3/1 budget for GPU vs. CPU for gamers until the $300ish price point is hit, then move closer to balance as things go up, then flip again as xfire/sli become feasible to the budget.
So :
$400 budget for CPU / GPU, spend $100 cpu, $300 gpu
$500 budget, spend $150 cpu, $350 gpu
$600 budget, spend $250 cpu, $350 gpu
$700 budget, spend $300 cpu, $400 gpu
$800 budget, spend $300 cpu, $500 gpus
$900 budget, spend $300 cpu, $600 gpus
$1000 budget, spend $300 cpu, $700 gpus
etc