It is now 65nm and redesigned and termed as RD650. ;p
but again it is causing a delay..
As the Direct X 10 games are still under development, so my advice is stay with the current Direct X 9 card, as maybe there will be so many hardware bugs when playing with the Direct X 10.X games that need to resolved. So, the investment with High End card should be some times at 2008. (For me)
Maybe these are the key reasons AMD wants to delay it.. so that it can be better and less buggies.