Okay, time to clear up some misunderstandings (not that they haven't already been addressed by others but my 2 cents here):
We're not calling this T&L at all, either software or hardware. We are calling it Gemoetry Assist in order to prevent exactly this confusion. So if you are going to slam us for saying we have T&L, you're looking a little to hard for a reason to be mad at 3dfx.
There's no shortcoming on our part because it only works in D3D. It's only available in D3D (as has been pointed out here) because it is already in OpenGL. D3D is the only API in which the option is relevant, which is why it's the only API in which the option is there (unlike FSAA).
GA is an option to increase performance and indeed, it does exactly that. If it doesn't give you a boost for a particular set of circumstances, no one is forcing you to use it. The important point is that it can give a boost and we are giving our users the option in those circumstances to enhance their performance (yikes, what kind of unspeakable cads would do that for their users!?)
Hope this clears some of it up!