I think we will see more than 1280 SP, because I don't think that ATI will go 900+ Mhz on the first parts. Process is still relatively new and high yields are needed that are unlikely to happen on an high clock part. If we look at the 40 nm parts until now, we see that RV740 and the announced Geforce shrinks have not much higher clocks compared to previous 55nm parts, if there is an improvement at all.
So I don't think we will see at launch something with clocks higher than RV790, i.e. (and I mean the base clock, not the OC parts). If we see the history R600 (80nm) was 743 Mhz, RV670 (55nm first iteration) was 750 Mhz and Rv770 (55nm second iteration but larger chip) was a 750 Mhz part, too. Cypress is rumored to be larger than Rv770, too, even considering the DX11 compliance. So I will bet on a 1600+ SP part.