Anand stated this in his recent article on Evergreen:
"The Northern Islands GPUs, due out later this year, were surely designed before anyone knew how RV870 would play out. Much less whether or not Fermi/GF100 would be this late."
Maybe Northern Islands have been pushed back since. But I get the impression from Anand's article that ATI is really schedule-oriented these days (at the sacrifice of possible features).
Cypress was released in Sept 2009. If Northern Islands get out on, say, Nov 2010, that would be a 14 month release cycle. Not exactly a stretch.