For me the only way it seems to make sense is that maybe their big X80 chip is delayed somewhat. They said stuff about 7970 not impressing bla bla bla and thats all, they havent touched on when they are going to have something that will make it look ordinary. Now rumors of a X60 chip are pretty consistent so im gonna go with that. Its going to be a ~350$ chip seems to be the most sensible assumption I can make out of it.

Maybe this is like Fermi all over again but this time it might be worse because they cant release a X80 chip so we are going to see something like GTX465 ? Which in the short term will be a disaster till they get their X80 and X70 ready with decent thermal performance.