The information not only reveals a code-name of a future graphics chip from Nvidia, but also points to its GDDR5 support. It is highly likely that the GT214 is aimed at mainstream market, based on the fact that Mr. Cheng used to work on code-named G84 (GeForce 8600) and G96 (GeForce 9400) products.
The fact that Nvidia wants to support GDDR5 with potentially inexpensive graphics processing unit may mean that the standard will quickly become widespread and the chips will get inexpensive enough to get installed onto mainstream products, which will inevitably drive their performance considerably up.
Sources: X-bit Labs and CHW