Sphinx,
Yes, that's them. In all actuality it's not mainly their fault. It's the design engineers who are to blame and or the people responsible for the budget when the 360 was being designed.
For all you folks wanting to get the best cooling possible for your GPU, here is some helpful info...
Below is an image of the GPU. The smaller Die on top of the GPU does not make contact with the GPU heat sink. It's actually .017mm shorter than the main Die on the top of the chip.
You definitely want to add some kind of heat dissipating material to the top of that small die in order to fill the "gap" between it and the heat sink.

- Joe / SMTRework
thats interseting. does this mean i should pop open my elite and apply 3 layers of AS5?