If this is true, then ATI's engineers are being very, very aggresive. Lets see: They started RV870 as a more complex design, and redid it halfway through due to TSMC's screw ups. Despite this they get their entire next gen line up out before Nvidia ships their first DX11 card, and Nvidia's ASIC performs only about the same. Then TSMC screws up again so they decide to make an entire new hybrid family of cards on 40nm in addition to NI. At the same time they are working on Llano 32nm SOI, the graphics IP for snapdragon, probably new graphics cards/IP for Nintendo and MS next gen console, and the graphics for the Windows 7 phone based off the Xbox360 GPU. Wow, Let all that sink in for awhile. Assuming that this is what AMD is doing, and assuming that they actually pull all of this off, then this will probably be the biggest engineering feat/streak that the industry has ever known. Has ATI bitten off more than they can chew? And if not, how the heck is this the same company that put out R600 only a few years ago?
Also, if the ATI team can pull all this off, I think they're wasting a lot of energy. There is no real need to update Evergreen so quickly -- the family is more than competitive. They'd probably be better off splitting into two families/teams, one that only aims at gaming performance, and the other that only aims at stream performance. Fermi is a hybrid that fails at game performance (as an architecture in terms of die size and power consumption), but is almost definitely a better stream processor than the competition (at least in more complex scenarios where it's efficiency can beat out evergreens monster theoretical FLOPS). A family of processors aimed at only attaining high stream performance could do the same thing to Fermi in GPGPU that Evergreen is doing to Fermi in graphics. If you have the engineering resources for so many projects, you should try and elimate some of the overlap.