Tenchu, not exactly...
"Joe, I think he means that CPU communication to memory and I/O devices goes over the same bus (FSB), which is true."
Other than snoop cycles, that's not true. I/O devices access memory directly.
CPU communication to I/O devices would go over the FSB in Intel's design. There is no other path. However the bulk of data goes between memory and I/O through the memory controller (in the North Bridge), bypassing the CPU. I think that is what you are trying to say.
The only stuff that goes between the CPU and I/O devices (in any reasonable design) would be the occasional control byte. That does indeed go over the FSB, but the impact is negligable.