You could say that if it was a game being discussed, but it isn't. It's a synthetic benchmark that is meant to make an accurate comparison between different video cards. Obviously this comparison is rendered worthless if it is shown that it clearly favors one side because it only chooses to include certain features.
I think including only PhysX would be perfectly acceptable if ATI didn't have a specific API to compete on this front, but now it has been revealed that they'll have Havok support. Although I don't expect 3dMark to have Havok support yet, but when it is fully implemented they need to add a test if they want to remain fair. In the same respect, I think they should also have a DX10.1 test as well.