If an 8800 Ultra launches in two weeks I'll be the most surprised guy in the room. I've been surprised before, of course . . . I'd think it'd make more sense for NVIDIA to wait for R600 launch to know for sure what they are shooting at at this point.
A cool grand can extend your bill of materials quite a bit, we have to count with that too.
But yes, waiting to know what the 1GB GDDR4 R600 can do (especially how much it will cost to end-users and to AMD) would seem like a wiser move in my opinion.
Who knows ? We might even get a 65 nano GPU and a 768bit bus from Nvidia, anything is possible with 1K.