Let's guess at R700: say it is 2xR600 configuration on 55nm, each die with 256-bit memory bus (70GB/s?), with an additional 140GB/s connection between them and performs 120%+ faster than R600 on "CF compatible" games (clocks should increase from where they are now). Which part of the architecture and technology of R600 are you expecting to be redundant? I can't think of anything.
e.g. I'm guessing the two dies' L2 caches will share data and that CF will suffer none of the "traditional" 2x "distinct pools of memory" problems that SLI and original CF suffered from.
It doesn't mean I like the idea of a 2 die R700, but I'm trying to correlate aspects of R600 with that direction as well as think of function points in D3D11 that steer the architecture. R700, conceptually, hasn't just popped out of nowhere. After they got it running, ATI didn't go "oh shit, R600 is a dead end, what are we gonna do? Oh, we could put two of them together on one board."
I dislike the idea, because I think game compatibility will go right out the window. I'm also pessimistic about the compatibility of AFR with the more intricate rendering algorithms. So CF-incompatible games will be just as wasteful (if not more so) than they are on a single R600.