I certainly agree that it's a graphics card benchmark rather than a gaming benchmark but in many ways thats more useful. An example would be that although I can run games with max detail I can't run EAX HD - it kills my fps. Now look at my benchmark and it clearly shows why.
I can use this benchmark to help identify what area I need to upgrade - in this case my CPU (if I want EAX HD sound!).
If you run 3Dmark 2001 you get a score but you don't really know what the best upgrade component is.