Commit time if you are interested in scientific and parallel computing. Don't think of CUDA and making a GPU appear as a CPU. It only allows a more direct method of programming GPUs than older GPGPU programming techniques.
General purpose CPUs derive their ability to work well on a wide variety of tasks from all the work that has gone into branch prediction, pipelining, superscaler, etc. This makes it possible for them to achieve good performance on a wide variety of workloads, while making them suck at high-throughput memory intensive floating point operations.
GPUs were originally designed to do one thing, and do it very, very well. Graphics operations are inherently parallel. You can calculate the colour of all pixels on the screen at the same time, because there are no data dependencies between the results. Additionally, the algorithms needed did not have to deal with branches, since nearly any branch that would be required could be achieved by setting a co-efficient to zero or one. The hardware could therefore be very simple. It is not necessary to worry about branch prediction, and instead of making a processor superscaler, you can simply add as many ALU's as you can cram on the chip.
With programmable texture and vertex shaders, GPU's gained a path to general programmability, but they are still limited by the hardware, which is still designed for high throughput floating point operations. Some additional circuitry will probably be added to enable more general purpose computation, but only up to a point. Anything that compromises the ability of a GPU to do graphics won't make it in. After all, GPU companies are still in the graphics business and the target market is still gamers and people who need high end visualization.
The GPGPU market is still a drop in the bucket, and to a certain extent will remain so. After all, "it looks pretty" is a much lower standard to meet than "100% guaranteed and reproducible results, every time."
So in short, GPU's will never be feasible as CPU's. They are simply designed for different kinds of workloads. I expect GPU's will gain features that make them useful for quickly solving a wider variety of problems, but they will always be graphics processing units first and foremost.
It will always be important to always match the problem you have with the most appropriate tool you have to solve it.