The RV730 40nm version might be the first 40nm graphics chip ever. ATI is heavily working on such a design and, of course, after 55nm RV770 there should be a 40 nm RV8x0 chip coming.
The company won’t go for 45nm, and it will rather go directly for 40nm, as the silicon ends up smaller and you can increase the clocks additionally.
It looks like ATI will once again end up being first to bring the new architecture to market and Nvidia will follow at some later date.
The first 40nm chips should be out by first half of 2009.