It certainly would and will be interesting once the Fermi cards are released. The HD5xxx market (for dx11) is not needed at the moment, what game can a 4870x2 not play ? Rightly so, nVidia are not rushing things but letting their 'followers' know that their cards are pretty fast. Also, there is only so much Dirt2 you can play, I bet 99% of dx11 owners at the top end are not even using their cards properly yet.
Yup, Nvidia are perfectly placed, for a company that sells graphics cards, their low end market is dissappearing, completely, forever. They aren't selling more than a handful of mid and high end cards till Fermi is released, they've made little profits on their high/mid end for the past 6 months, when Fermi is released they won't have mid end, or low end parts. The high end will either cost more than people will spend, or make little to no profit.
NVidia are in the perfect place, are you nuts? A gpu making company that is losing its highest volume segment in the near future, and currently has one generation behind parts for sale that perform less and cost more than the competition while making less profit. They don't sell a mid end, and probably won't have a mid end card for at least 6 more months, they don't sell a high end card, and they probably won't have one for 3-4 months. Seriously, thats a great position to be in?
It would be completely different if A, they were selling mid and high end cards right now while waiting on Fermi, B, they made a profit, C, their low end for probably the next year, wasn't a generation behind and slower than the competition, D they could produce their high/mid end at yields that offered them price performance parity with AMD, at any level and could make a profit doing so.
They are failing, basically, in every single possible way right now and Fermi won't help them with a single one of their big problems.
New gen cards aren't a big deal, at all, as long as you can still sell your old gen.
The 2900XT was stupidly late and ended up a marvel of production efficiency, but ATi sold millions of X1950pro's at a ridiculously competitive price while Nvidia was selling a far smaller number of 8800 based cards. This situation Nvidia aren't even producing their "x1950pro" let alone selling it by the bucket load while waiting for their 2900XT. I say the 2900xt was a marvel of technology because it was a core design every which way for the 65nm process, and they managed to rework it and get it out on a 80nm process, which is frankly, brilliant, it came very very close in performance. Fermi is designed for the 40nm process, the process is here, they can't make it. Can you imagine them pushing Fermi back and making it on the 55nm process?