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Excellent news! I can't wait to see how well these work in the real world. I'm getting ready to build this year's new system, and I'd love for it to have ATI components.
The advantage of GDDR5 is higher bandwiths with 256-bit cards. Therefore, they can save money by not going to 512-bit yet.
However, there will be GDDR3 variants of the 4800 line, too. It will be interesting to see thr performance difference between the two.
GDDR5 sounds like a big improvement, hopefully will can have great performance.