That depends, you can have redundancy without PowerPath, if you have MPIO (Multi Path I/O) device driver which is built in to AIX (from 5.2 onwards I think). But it is not officially suported by IBM with all the possible Storage boxes, and it is not supported by the Storage vendors on all their boxes and all their firmware levels...
But you do need to have some sort of MP software or device driver, just having 2 FC adapters doesn't cut it.
HTH,
p5wizard