Its not ready yet though? Nvidias roadmap shows that the full GK110 wont be ready until early 2013. It would be highly unpractical for them to rush out a crippled 'GTX 480' version right now while the GK104 is performing and competing brilliantly against the 7970.
They would undercut their own product, the GTX 680. People wouldnt be rushing out to buy GK104 at £400 if a crippled GK110 is available at £500 and better. This way they sell their more profitable chip first at a much higher price point than it was designed for, and reserve their high end GK110 'until its ready'.
They arent 'holding anything back because its too good', they just want to release the full beast when its ready rather than release its crippled inefficient sibling, which would only reduce sales of the significantly more profitable GK104.
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