The new successor to Fermi is actually not completely based on a cut down Fermi architecture. The new GPUs, something that we know as GF104 and GF108, are based on a new architecture that has some Fermi basics, but doesn't have any cache. As you can imagine, the focus is on good tessellation support as well as on strong DirectX 11 performance. This is what Nvidia has been pushing for a while.

The new GPU will be much smaller and it will target the mainstream market and this card should be seen as the new Geforce 8800GT. The price should also remain in the mainstream area and it is hard to predict the exact number as these things change all the time.

The GPU has been taped out some time ago and Nvidia has silicon for a while. All in all it's telling its partners that the future might be bright. The launch date should be at some point in summer and Computex is a good day to hope for. Just in case, this year's Computex starts on June 1st.