TSMC is worse than you guys think.
Thats not possible

TSMC have been cack for minimum 4 years now, they have finally increased R&D spending and have, iirc built one gigafab and are building another gigafab and all largely in response to Glofo and Samsung deciding to get in the game. But as with Glofo and Samsung the increased spending doesn't appear overnight, I think TSMC started their increased R&D spending early last year, but at that stage the research money will be largely in 22nm and beyond, same with Glofo they may have taken over several years ago but 32nm was largely set in stone at that point(and a lot of time and effort spent on 32nm bulk which got thrown out the window).
From here on in everyones having trouble, roadmaps for processes are going to be going backwards and we may end up seeing tick-tock-tock-tick from Intel(ie more generations on a single process). I think as of a few years ago 22nm was supposed to have launched late 2010, AMD's 32nm well over a year ago, TSMC/Glofo 32nm bulk well over a year ago(with 40nm being a year + late to start with).
GloFo can't even make enough CPUs for AMD, let alone GPUs. As gurusan says, possibly low end parts out next month.
Thats all well and good, but Glofo both, do make enough CPU's for AMD, just not the right kinda of CPU, they've had excess stock of Phenoms and plenty of capacity, but no where near enough Llanos. Thing is, GloFo to date haven't made any discrete GPU's for AMD and theres seemingly no plan to till towards the end of 2012(when the New York fab is up and running, installing testing kit now, ramping production through probably Q2 onwards next year and full scale production q3-q4 next year).
This gen is afaik, all TSMC, who should have had 28nm out by now.
They came out Sept did you miss it? oh wait...
nVidia supposedly has *a* 28nm product coming out roughly Nov but I suspect its a low end part.
No one said Sept, people said likely Q4, potentially late Q3, all depends on TSMC.
As far as we know, the more reliable rumours around are, 680gtx not taped out, so thats no time soon, AMD stuff is taped out, theres a possibility that only means the 7870 but probably 7970 aswell, which process they've taped out for doesn't matter as much as when either process becomes available at this stage. Generally speaking AMD are waiting on TSMC for high end parts, and Nvidia aren't ready even if TSMC were.
Thing is, a big delay would normally have been announced by TSMC by now, so I really don't know if TSMC isn't really producing 28nm yet, or its absolutely crap, or they've just decided to milk Apple for all they are worth, bump wafer prices up so high AMD can't afford them and Apple are eating them all up.