If we assume that GK110 is easily manufacturable and profitable by Q4 2012 when NV intends to launch K20, and admit that GK104 is a mid-range Kepler, then NV is likely to sell as many GK110's in the professional markets to achieve the highest profit margins possible and only release GK110 in the consumer market when they have to (i.e., when HD8970 forces them so to speak). Why cannibalize the profit margins on both of your GK104 parts and reduce profits in the professional markets all at the same time? As long as every single GK110 can be sold for $3-5K, there is no need to launch GK110 until AMD forces their hand.
If we assume that GK110 is not easy to manufacture, that 28nm wafers are expensive, and the yields aren't great yet, then NV will sell GK110 to professionals where they can justify it financially and may at a later date start building up a supply of failed GK110 chips that couldn't meet the 15 SMX spec. After harvesting enough failed GK110 chips, they'd have a better idea if they can launch a 12-13 SMX cluster consumer product.
My guess is NV won't launch GK110-based product until after HD8970. Since from what I've read HD8970 won't launch until Q1 2013, I wouldn't expect GK110 until then at the earliest.
The other possibility is some other NV chip that we haven't heard about. Is it out of the realm of possibility that NV could simply build an entirely new chip from scratch based on GK104 1 SMX cluster = 192 SPs layout? Could NV build a 2304 SP "GK104" and call it GKxxx? Does it have to be based on GK110?
GK104 was so fast for its size, I'm convinced nVidia held it back on purpose with the voltage shenanigans in order to give themselves some breathing room to release either a faster GK104 part and/or not infringe too closely to a stock GK110 which would likely be clocked much lower to keep temps down.
GTX680 with only 1536 SPs already uses 185W of power or so. How much power do you think a 1Ghz core clock + GPU Boost 2880 SP 550-600mm^2 die chip would use? It would be > 250W for sure. Since NV is selling 294mm^2 @ 2 units = GTX690 for $1,000 USD, they probably needed to sell GK110 for $900-1000 I bet to justify their 50%+ margins. And how many people would have cared for a $1,000 GK110? At first I thought NV held back GK110 on purpose but now 6 months passed since GTX680 launched and GK110 is nowhere on the horizon for another quarter; and then as a $3k+ part. NV didn't hold back GK110 on purpose, but because they couldn't release it for any reasonable price for the consumer market to justify the low volume of this part. If NV sells you 294mm^2 GK104 for $499 MSRP, what incentive do they have right now to sell 550-600mm^2 die for $700 for example? They'd be losing $ / mm^2 when instead they can sell 2x GTX680s from the same wafer.
While the Tesla K20 GK110 has 7.1 billion transistors, it is not guaranteed that the GeForce card would feature the same specificaiton. The GK110 is both difficult and expensive to manufacture. Also, backing into K10's single-precision performance of 4.58 Tflops / (1536 SPs / 2 GPUs on K10 / 2 Ops per clock) =
745mhz GPU clock. That means the K20 GK110 may also only be clocked at 750, maybe 850mhz. You guys can't just assume no GPU core clock penalty for a chip that's significantly larger in size.
2880 @ 850mhz vs. 1536 @ 1058mhz (GTX680 with GPU Boost at minimum) = 51% shading power.
2304 @ 1 Ghz vs. 1536 @ 1058mhz = 42% shading power
I think the greatest performance increase will come from more ROPs and memory bandwidth. We've seen that while GTX670 has 14% less shaders than GTX680, it's not a direct relationship in performance. That means Kepler is currently more limited somewhere else, not just shaders. NV can increase performance a lot without needing 2880 SP GK110.