Well, regarding whether it'll increase performance with a single GPU or not, it's not that simple.
As you might be well aware of, usually the speeds of CPU and GPU never really match (and especially not for every game), so one of the two components becomes a bottleneck. If the CPU is the bottleneck in your system (say you got a E420 and a GTX 280) it'll increase your overall performance when your physics processing is done by the GPU. HOWEVER it'll not generally increase your gaming performance because a) not all games use PhysX and b) the games that use PhysX till now only do ADDITIONAL physics effects when enabling PhysX and don't accelerate the "standard" effects by the GPU, which means that when PhysX is enabled, there'll be more particles in general which then decreases CPU-power, too.
It's a rather complicated topic because of that. When game manufacturers had just one "level of detail" for physics regardless of whether using PhysX or not, enabling PhysX on systems where the CPU is the bottleneck will definitely increase overall performance.