I always looked at the PCB for the 670 and thought "Wow, that's small!" The coolers they had always overhung the PCB for cooling purposes, but it always amazed me that a 670 could be about the size of a 640 or a 630 (not counting width here) Looking at this article makes we want one now that it's more practically sized for something like an HTPC.
finally they are making the cards higher. instead of longer. all cases have the same height for cards. its just the length between cases is different. so it makes sense to go this way!
The next Video Card(s) I would like to see in such a small factor would be an nVidia GTX 680, GTX 690, GTX Titan, AMD Radeon 7970 (GHz) Edition, AMD 7950 (Boost)....and When the hell is AMD releasing the Radeon 7990?!
since nobody else has addressed it yet, HEAT and mini-ITX that cooler is mostly covered and the only part i can see appears to vent alot of that HEAT right where the CPU will suck it in, this is going to cause major havoc in these poorly ventilated systems.
i don't know why they ever got away from the old flat top vcr looking form factor as this would actually be really slick if they guassed it up to look like a stereo receiver or dvd player.