I'm guessing a cooler, more efficient GTX 480. Same with what they did with the 465 when they released the 460. Performance should be about the same.
That isn't even close to what happened, the 460 is NOT a cooler more efficient 465, the 480-465gtx are the same core, with various parts fused off, the 460 is a completely different core, with several things cut out, several things added and is noticeably smaller, its more efficient but not particularly more power efficient, it uses 30-40% less power with 30-40% less transistors.
Now, there is a chance they might redo the 512shader model with less tesselation power, less cache, less DP core logic and more TMu's like the GF104, however a 512shader version would still be 30-40% bigger, it would still be 3billion transistors plus and it would still be just as hot and power hungry as a normal 480gtx. THe main thing the GF104 did differently was a different ratio of the various parts of a core which made it work more efficiently.
ITs unlikely they'll put in that much time and effort to make another loss making product thats still to hot, expensive and unavailable to sell that many.
Don't get me wrong, a 480gtx is a great card in terms of performance with all other factors ignored, and redone 480gtx, with more TMU's and less waste would be even faster, but it would still be 3.15billion transistors, it would still be impossible to make at a profit, it would still have crap yields and a full 512sp , full bus version would come in at over 300W and be even hotter and louder than a 480gtx.
Its because of those reasons Nvidia will be very unlikely to bother.
Intel could probably release a 5.5Ghz 8 core I7 on the same process they have now, but yields would be in the toilet and it would cost £2k with the stock cooling being phase change included with it and it would make a loss, meaning there would be little reason to do so.
A 485gtx will probably end up a Asus Mars type product, with a handful available of whatever they managed to stockpile.
Though IIRC that picture was doing the rounds 2 months ago. I'd expect a token launch of the very fastest thing they can make either a day before or a day after the 6870 launch

even if its numbered in the low thousands, or even low hundreds in terms of availability.