At least according to this article on The Inquirer (watch out, it's by Charlie Dermerjian!
), a possible reason for the numerous delays on the upcoming 40nm parts (which were originally scheduled for around December/January sort of time) is that the TSMC's 40nm process leaks power like mad - similar to the 80nm process that the 2900 XT suffered from, and Intel's 90nm process that didn't really help the already power hungry Prescott Netburst parts.
If this is to be believed, the 40nm parts won't actually bring any real advantages in terms of energy efficiency, the main problem with this being that the two graphics giants will have problems producing high-end graphics products for the next generation due to the high power consumption of existing chippery, what with DirectX 11 around the corner and all that.
http://www.theinquirer.net/inquirer/news/878/1050878/tsmc-40nm-revealed
Pinch of salt required obviously, but it would go some way as to explaining why there've been delays on the 40nm refreshes of both graphics companies' GPUs.

If this is to be believed, the 40nm parts won't actually bring any real advantages in terms of energy efficiency, the main problem with this being that the two graphics giants will have problems producing high-end graphics products for the next generation due to the high power consumption of existing chippery, what with DirectX 11 around the corner and all that.
http://www.theinquirer.net/inquirer/news/878/1050878/tsmc-40nm-revealed
Pinch of salt required obviously, but it would go some way as to explaining why there've been delays on the 40nm refreshes of both graphics companies' GPUs.