It sounds like the same philosophy as the A1000!
Yeah, actually it does

To expand on what I said earlier, the Raspi was designed to be a graphics chip for mobile devices, with a small ARM core to basic housekeeping work. The device actually boots the graphics chip first (as with most modern graphics chips it is a fully programmable processor in it's own right, and has it's own OS and kernel that is on the boot SD card), and then it brings the the ARM core online and sets up the operating system ready to boot. Once the ARM core is active, the ARM runs the operating system and that takes over control of the board.
The down side to this architecture is that the ARM is nothing very special (not super fast but does have some advanced features like an FPU and a Vector unit) and must share its RAM with the graphics core.
There are some rather nice DSP cores on the chip too, but Broadcom haven't given the Raspi team permission activate them in the firmware (yet!).