GPUs are often produce on "half nodes" rather than the normal size reductions taken by CPUs. The current CPU pattern is 90nm->65nm->45nm. However, current PC graphics chips are being produced at 55nm and some older GPUs were done at 80nm. There is overlap and it wouldn't be strange at all to see a GPU at 65nm, but GPU manufacturing often takes it own path. There are a few reasons for it including cost (cheaper to re-tool facilities to produce 80nm rather than jump right to 65nm) and product life-span (GPUs change architecture more often than CPUs so they take smaller steps), but mostly it's just the way things are.
As for the 360 specifically. I have no idea what's taking them so long. A reduction to 80 or 85nm makes sense given the half node pattern of GPUs, but they should have been able to do that ages ago. The 65, and 55nm processes are both pretty mature so I have no idea why they aren't moving more quickly to one of these sizes. It might simply be a sign of MS's lack of experience producing hardware.
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