The Inquirer claims the ATI R700 GPU has taped out:
Yeah, R700 is in the process of being fabbed now, or at least its components are. The component thing is a story for another day, the part that matters is that R700 bits are in the oven now and things appear to be going swimmingly, or at least skatingly if you know what Toronto is like in the winter.
Rough maths puts silicon back in late January, gone through the initial checks by early February, and then given the thumbs up or down. If they are up, look for boards in about 90 days, putting it in May or so. If it is thumbs down, add about 2 months per spin.