Found the following over at NeoGAF.
http://www.neogaf.com/forum/showthread.php?t=365059
WORLD EXCLUSIVE FIRST DETAILS ON SEGA'S MODEL 4 ARCADE BOARD
06/12/09 FGNOnline can officially reveal for the very first time in this world exclusive that SEGA has begun development on the fourth system in the MODEL series of arcade boards.
Details are currently thin however we can share with you the following early preliminary information.
Unlike Model 1, Model 2 & Model 3, which were based on rasterization, Model 4 is designed for fast real-time ray tracing. The system shall exclude rasterization capability.
It is our understanding that SEGA has partnered with Japan based Fujitsu Limited and Saarland University of Germany for the development of the board. Our sources indicate that the company shall use a version of Fujitsu's new Venus processor as the Central processing unit and also multiple custom designed DRPU's from Saarland University.
SEGA plans on deploying the first game using the technology by summer 2011. Until then SEGA's software output shall be designed for the RINGEDGE/RINGWIDE.
Currently this is all the information that we currently posses however stay tuned in the coming months as we unravel more on SEGA's long awaited Model 4, the world's first real-time raytracing system.
http://www.neogaf.com/forum/showthread.php?t=365059