FWIW, this article here http://ht4u.net/reviews/2010/nvidia_geforce_gtx_470_480_cebit/index5.php says nvidia is NOT planning on a low-end fermi derivative, because it would be pointless (tell that to AMD...). That doesn't exactly inspire confidence on perf/mm^2 for lower end parts...
Though this really only affects the bottom of the barrel, even gt220 isn't low end according to that anymore. But it should mean we won't see a fermi part with 32SP (since gt220 was already 48SP), if they only scale SMs across GPCs and GPCs it could mean the lowest end fermi part planned is something along 1 GPC / 2 SMs (with 32 "cores" each), which would smoke Cedar but look awful compared to Redwood, so maybe it will be something completely different after all...
BTW I'm looking forward to see clocks for GTX480 as they were supposed to be leaked today (or rather, nvidia is supposed to give this information to partners today ).
NV's Fermi presentation from last year specifically talks about top-to-bottom Fermi and I was under the assumption that there were 5 members of the Fermi family, excluding the Fermi2 part.