The G80 (maybe the GeForce 8800?) will likely feature a Unified Shader approach and support for Shader Model 4.0. The memory will likely be 2.5Gbps GDDR4 memory chips from Samsung.
ATI has just unveiled their R580 and by the end of this year we can expect their R600 which will be a 65nm GPU.
Here are some rumoured ATI R600 specifications:
65nm 64 Shader pipelines (Vec4+Scalar) 32 TMU's 32 ROPs 128 Shader Operations per Cycle 800MHz Core 102.4 billion shader ops/sec 512GFLOPs for the shaders 2 Billion triangles/sec 25.6 Gpixels/Gtexels/sec 256-bit 512MB 1.8GHz GDDR4 Memory 57.6 GB/sec Bandwidth (at 1.8GHz) WGF2.0 Unified Shader