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Help me understand

The new ATI card has a trillion or what ever transistors, enough bandwidth to run on a Cray and shaders out the wazoo, so why isn't it faster than an 8800? Is it so complex that it just takes a long time for an instruction to get from end to the other? There has to be some reason the thing doesn't make a monitor sweat blood, I'm wondering what it is.
 
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