The Nehalem codename did get reassigned from the Netburst architecture to a reputedly new design which may have some features in common with NGMA but is a ground-up redesign rather than the NMGA stop-gap.
Most rumours suggest it is a CMP CMT design probably supporting a whole bunch of skip-ahead, value speculation, scout type dynamic MT tricks.
I expect arguments as to what constitutes a core to be a heated topic in 2008.
I also expect it to provide the answer as to why Apple chose Intel and rejected Cell. Quite a few people have hinted that Nehalem is the one to watch even though Core will do very nicely in the mean time.