My take on this is that we might consider whether feature development on graphics ASICs haven't gone too far too fast, given the modus operandi of graphics on PCs.
Higher end features cost transistors, translating into higher power draw, and larger dies/higher cost.
The current way of doing graphics on PCs is to use a high end chip as the technology leader, and then cut it down in performance by reducing parallellism but retaining the feature set. Add voltage and frequency reductions for mobile use. I question whether this is necessarily optimal for the consumer, and whether holding back on features that focus on precision or generality of processing wouldn't actually be preferable for most consumers. (Put in simpler terms, it is an oft repeated lament that new cards introduce features that introduces functionality, but that once applications actually take advantage of the new functionality the performance isn't there. This has been a valid point, and definitely so for the performance reduced siblings of the high-end leader.)
IMO the high-end parts have removed themselves so far from the mainstream that it is questionable if they are a good base for making derivatives to serve other markets. If we break it down, almost half of the PC market are portables and a major part of the desktop market serve institutions, offices and industrial sites. This only leaves home desktop systems many of which aren't used for gaming. Only a certain portion of the home desktop systems are used for gaming, and the majority of these aren't used heavily. How much is left? And even out of the remainder, the people who have an active interest in gaming performance, there are still limitations in terms of acceptable cost and noise. (For instance, Anandtech has a computex article up where it is remarked that 94% of all add-in cards sold by Gigabyte are passively cooled.)
These DX10 monsters indicates that to get down to acceptable levels of power draw for the vast majority of users, performance has to be reduced drastically. The performance span between budget solutions and high-end solutions is already a problem, and it seems that the transistor penalty for implementing DX10 features will only make this problem more severe.
So - what will happen? Personally, I feel that it would make sense to not strive for identical feature set in a generation, but to let that feature set vary, in order to facilitate making cheap and cool running GPUs that still offer good performance within their feature limitations. The simplest way of doing this would of course be to let the previous generation of parts migrate forward to new process technology, allowing for smaller dies and lower power draw at the same performance level, but you could definitely try to be more intelligent about it than that. This approach has been used before by the way, the GF4MX being a good example.
What I believe will happen however is a further marginalisation of the high end, slow uptake of DX10, and a wider span between low end and high end performance. Not particularly good for either developers or consumers.
Unfortunately, the highest end is awarded so much attention in media (and forums such as this) that it pays off in terms of marketing to push hard there, and of course it also helps raising the barrier of entry for new graphics contenders. The current modus operandi of the industry is firmly entrenched.
It is remarkable though how out of step the rumoured DX10 parts are with the trend toward mobile computing, and lower power desktop computing.