First I thought it was an Asus Ageia PPU which they said they were gonna release in Q4, but that one doesn't have a VGA/DVI output so that's out of the question.
So since it's red and has TSOP memory, I'm going for the ATi RV515 LE, 250Mhz DDR1 TSOP (256MB/512MB), 128-bit which was slated for October released, but probably pushed forward.