That's what most PC developers think until they hit their first Console port.
Correct data organization is critical for getting this right. The PS3 was particularly brutal in this respect since it forced you to segment your computations in 256kb chunks(to fit in the SPU).
Fair point, I've never done any console dev. On the PC, it's really only code related to the way you might alloc memory, files, and some other io related tasks...