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Towards the end of the year we can expect a new revision from both manufacturers, based on a 28nm process. Given that 28nm allows roughly double the transistor density of 40nm, you can expect around twice the horsepower of current top-end models (~1024 cores for Nvidia, ~3200 SPs from ATI).
Beyond that there really isn't much information, though AMD are due to discuss their new GPU in June. As for when they appear, it will depend largely on when TSMC get their 28nm process sufficiently stable to create such large (5 Bn+ transistor) designs. That's anyone's guess, though it's unlikely to be any time before September. My guess would be a lot closer to Christmas.
In theory twice the horsepower! In practice, it might be more of a compromise to optimise power usage.
I thought they were going to use GF for the 28nm jump? Or am I thinking of the next CPU node? *Confused*