The Inq talks about a promising open-spec graphics card project:
Anyway, let's return to the subject. The first board is codenamed OGD1-256DDAV, and it's a prototype development board that comes with 256MB of video memory, two dual-link DVI connectors and a support for the third and fourth video interface - analogue and TV video outputs. The GPU is made from two chips, the main being the Xilinx Spartan-3 XC3S4000 FPGA graphics engine and the Lattice XP10 FPGA. That's currently, PCI code because the board uses a PCI interface.
Xillinx Spartan-3 comes with a 128-bit memory interface, offering memory bandwidth of 1.6 GB/s (more than GeForce2 GTS and Radeon 7000, whose performance are being targeted by project developers).