A: Why wouldn't ATi, especially if they're working on a whole new architecture, try to stick with the 40nm TSMC tech which is yielding nicely and which they must be familiar with by now? I mean, isn't it pretty much common knowledge that simultaneously moving to a new arch and a new tech is looking for trouble? Plus it isn't exactly as if nicely optimized 40nm is going to be obsolete going towards the end of 2010.
B: You can be sure that the GPU portion of Llano and future AMD Fuzion products, although generally based on ATi dedicated GPU design, will have to be at least tweaked to perform optimally alongside a AMD CPU on SOI. So there has to be a sizeable portion of DAAMIT's resources figuring out how best to get an r800 derivative working on a manufacturing tech which was until recently solely geared to making AMD's CPUs. And, let's face it, this ain't Intel we're talking about here, you can only take on so much at the same time if you happen to be in the dire straits which AMD has been in these last couple of years, and still hope to deliver product to market in a timely, competitive fashion.
C: I'm pretty sure that whoever it was within AMD/ATi that came up with the idea of fabbing rv740 on the then newfangled 40nm TSMC process was given many extremely enthusiastic pats on the back once it became clear how much of an advantage the expertise acquired fabbing the relatively small HD4770 would be with regards to manufacturing the following, much more complicated 5xxx series chips.
D: If the above holds some water, it could be that, at this very moment, DAAMIT is simultaneously working on finalizing their next architecture on TSMC's by now well controlled 40nm tech while working with Global Foundries to iron out the kinks inherent to adapting their dx11 R800 design to AMD's new 32nm manufacturing process, and at the same time preparing a cut-down 5xxx series chip (à la rv740) to maybe go into some risk production on TSMC's upcoming bulk 28nm.
You know, all of this is pure speculation on my part, but I feel pretty confident in saying that, manufacturing process wise, ATi is setting us up for a repeat of their last, very succesful, migration. Except this time, they're working on two fronts: Dedicated GPU (R900) and integrated GPU (Llano). -- And of course, they must have some pretty nice extra resources in the form of AMD engineers whose job it surely is to help the Graphics division guys nail down the integrated GPU portion of Fusion.