I know previous gaming code was branchy, but I don't think the current trend is emphasized there any more.
Xenon and Cell for the consoles aren't too apt at branching, I last remember, especially with buffed up SIMD units. There will always be branchy code, but does it still comprise the majority of the engine?

AMD does need serious work on their predictors though - for general performance more than anything. Despite the improvements Intel has a really decisive lead here ever since Conroe.