I have to admit I am a little confused myself and I am thinking it’s likely your post is correct and the website is wrong. The old roadmap was very much like you just described a single discrete card for ray tracing that ran alongside your GPU/CPU and was due in 2011 not made for gaming. The roadmap then much later down the line had the ray tracing chip being merged into the GPGPU chip under PowerVR series 6. But this merge was to take place after the first few Series 6 chips come out.AFAIK this isn't a gpgpu at all, nor a gpu, it won't have video out, its got nothing to do with PowerVR 6 series gpu's at all, its an entirely different product for Caustic for ray tracing.
From what I can gather(their website is frustratingly..... sparse on information) we're talking about something that loosely compared to something else would be, an Ageia physx card, but for a different library/algorithm.
The ray tracing setup they have is, the hardware acceleration card speeds up the algorithms and lets them essentially give a "ray traced scene" without the randomness...... for the cpu or gpu to them actually do the rendering.
IE you put a cpu in, a monster gpu, AND a PowerVR acceleration card and it lets you make far more effective use of your cpu/gpu combo.
This is the first time I have seen a reference to GPGPU and ray tracing alongside on the same card for the PC at least this early on. Perhaps this was why the PC card was delayed a year? One thing for sure is we need more info.
It would explain the delays but I find it is a pretty big and unexpected change to make. I just do not see the place for a GPGPU in the PC market yet. Long term yes, but not now.