Actually it does, remember before the designers came up with dedicated north bridge to southbridge links a few years ago, they were linked via the PCI bus, and thats why it slowly became the case the link wasnt fast enough as it was saturating the lowly PCI data capability.
I also draw you to this quote regarding ATI's Radeon Xpress 200 chipset:
"It is interesting that communication between North and South bridges (RX480/SB400) is handled by 2 additional lanes of PCI Express. "