Expreview published a handful of pictures of a non-reference Radeon HD 4850 graphics cards from Sapphire.
We just got the Sapphire HD 4850 non ref version! Now HD 4850 entered sub-$200 area, preparing a price war with N cards. A non ref HD 4850 can lower production cost while maintaining the performance. We can see this card only have 2+1 phase VRM, the PCB looks more simple than reference HD 4850. The card runs at 625/1986MHz, hope this version can bring down the price even more.