There is a card coming, some places are saying February and some are saying March/April.
It would make sense for them to release a card in Feb because thats when the 7950 launches, AMD will have 2 next gen cards out and Nvidia none so they need to do something to gain a bit of the market back. No one knows anything about the cards except Nvidia though so no ones knows how close they are to release but they definitely aren't in a 480 situation anyway.
Good point. We'll just have to wait and see.