The hotly anticipated Fermi has been spied.
Nvidia will later this month formally debut its GF100-based cards the GeForce GTX 470 and GTX 480. These cards already exist and are quietly on display at CeBit in Germany, and shots of the product in action have just hit the net.
Chinese website Expreview has board shots of what it claims is a GTX 470 and PC Games Hardware has pictures of one running in action inside a live computer case.

What's interesting to note is that the board shot featured on Expreview show an underside of the card which has cutouts on the PCB that appear to facilitate cooling – something that we've seen before on the GeForce GTX 295.
Nvidia will officially debut the GeForce GTX 470 and GTX 480 products on March 26.

First...Why not. It will be released in under a month.
Second..It has been shown working since at least Jan (at CES).
Third...What other card has a PCB that looks like that one?
This might go against any chance of a dual-pcb card, if nvidia prefers to have holes cut in the back for temps... don't work if two cards are back-to-back.
True but this one is not being held by Jen so its more than likely the real deal.
It doesn't matter if it's the front or the back of the card, Photoshop works the same
@Nvidia- Just release it already!
Why?
That means it can only pull 225W of power (PCIE = 75W of power, 6 Pin Power connectors are limited to 75W each).
I'm not sure if I believe this is Fermi or not.
Yah, but I think it is hard to photoshop words on chips and such. I wanted to see the top side of the PCB, because it would have the name etched in the chip. I don't think this is real anyway. If it was, I'm betting they'd be using at least 1 8 pin power connector and they aren't.
First...Why not. It will be released in under a month.
Second..It has been shown working since at least Jan (at CES).
Third...What other card has a PCB that looks like that one?
I thought they where moving away from dual pcb cards... ATi's been doing it for a while and even the later releases of the 295 where single pcb.