Nobody with half a brain could ever say that.
nVidia couldn't improve perf/watt and perf/mm² to the point GF110 went past Cypress (well... they could, with some magic), but with such a low performance they were bound to improve.
Kepler will probably be Fermi's last iteration, just like GT200 was G80's one, so I don't think they will do considerably better than GF110 (which is in fact a fixed GF100, with redesigned TMUs and power grid). Maxwell should be the real next arch and improve these, but it should be noted that perf/mm² will stay low if they continue to follow the half-rate DP + ECC route (assuming AMD doesn't improve DP rate and/or DP doesn't get over-used).
About the ASCII art, I see nVidia doing incremental improvements and periodical overhauls: G8x gave birth to GT200, then GF100 to Kepler, then Maxwell to its successor. G9x are in fact G8x, just like GF104 and GF110 are GF100 (well, GF104 is already further from GF100 than G92 to G80, it's almost as far as GT200 was).
It's safe to assume AMD went the same route, they just have one/two more iteration(s) of incremental improvements: R580 => (R500 ->) R600 -> R700 -> R800 => new arch.