I am surprised no one introduced yet a CPU and phone which has little if any GPU and called it a business phone. The obvious advantages include security, cost, power consumption.
Swipe up from the bottom of your iPhone. Oops, you're suddenly doing 3D transformations.
There are dozens of UI effects which rely on the GPU, and there's just no such thing as a 2D GPU these days, it makes no sense unless you're building a retro console or something.
Things like inertial scrolling are not 'fancy UI animations', they're core components of a touch ui. Take out the touch UI and you're back to something like a nicer Treo.
Anyone who has an eInk device (where such animations are impossible due to the refresh rate of the screen) can tell you that it's still fully usable and has nothing to do with getting back to BlackBerry or Treo.
It looks less nice and is limited in some ways, but for business needs to does the job perfectly.