It took NVIDIA a while to give us an honest response to the RV770. At first it was all about CUDA and PhsyX. RV770 didn't have it, so we shouldn't be recommending it; that was NVIDIA's stance.
Today, it's much more humble.
Ujesh is wiling to take total blame for GT200. As manager of GeForce at the time, Ujesh admitted that he priced GT200 wrong. NVIDIA looked at RV670 (Radeon HD 3870) and extrapolated from that to predict what RV770's performance would be. Obviously, RV770 caught NVIDIA off guard and GT200 was priced much too high.
Ujesh doesn't believe NVIDIA will make the same mistake with Fermi.
Jonah, unwilling to let Ujesh take all of the blame, admitted that engineering was partially at fault as well. GT200 was the last chip NVIDIA ever built at 65nm - there's no excuse for that. The chip needed to be at 55nm from the get-go, but NVIDIA had been extremely conservative about moving to new manufacturing processes too early.
It all dates back to NV30, the GeForce FX. It was a brand new architecture on a bleeding edge manufacturing process, 130nm at the time, which ultimately lead to its delay. ATI pulled ahead with the 150nm Radeon 9700 Pro and NVIDIA vowed never to make that mistake again.
With NV30, NVIDIA was too eager to move to new processes. Jonah believes that GT200 was an example of NVIDIA swinging too far in the other direction; NVIDIA was too conservative.
The biggest lesson RV770 taught NVIDIA was to be quicker to migrate to new manufacturing processes. Not NV30 quick, but definitely not as slow as GT200. Internal policies are now in place to ensure this.
Architecturally, there aren't huge lessons to be learned from RV770. It was a good chip in NVIDIA's eyes, but NVIDIA isn't adjusting their architecture in response to it. NVIDIA will continue to build beefy GPUs and AMD appears committed to building more affordable ones. Both companies are focused on building more efficiently.