OCWorkbench heard from their sources that AMD's upcoming ATI R700 GPU will be PCI Express 2.0 compliant.
It is said that this upcoming card will have a higher clk speed and memory bandwidth. On top of that, it will support PCIe 2.0 to take advantage of the new RD790 chipset or the Intel P35, X38 which already supports PCIe 2.0 right now.
However, there's still no information regarding the launch date of the R700 GPU. NVIDIA's first PCI Express 2.0 graphics cards are expected in October.