I/O to RAM still does not happen direclty in the intel chipset, as the chipset is also a step in the middle, the same as a traditional K7 Northbridge.
On hypertransport, yes the I/O has to go into the CPU first, but it's not going into the CPU core, instead it is directly routed to memory via the highspeed crossbar inside the CPU.
This means there is minimal latency (no more then a traditional northbridge has on I/O data)
It also means it doesn't increase CPU load when transfering I/O to memory (same as a traditional northbridge)
As far as Hypertransport at 1Ghz being a bottle neck, it has 8GB/s on bandwidth, 4GB in each direction at the same time.
That is exactly as much bandwidth as PCI-Express x16, so could handle the PCI-express running at full speed non-stop.
It would not be a bottle neck for a very long time.
Also take into account that hypertransport 2.0 can run up to 22.4GB/s, there there is lots of room for the future.
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