AMD is internally talking about its next generation stuff, something that looks to be the next, 2010 generation of DirectX 11 hardware.
The codename is Hecatoncheires, named after gigantic fifty headed creatures of great strength in Greek mythology which despite being weaker than Titans, managed to beat them. A simple analogy would put Nvidia in the role of Titans, and since Hecatoncheires had more heads, this would suggest a larger chip with more shaders.
In ancient Greek, Hecatoncheires means "hundred armed" and from what we hear this is a brand new architecture and not just improved version of R770, something that RV870 is.
There will be six other Greek names to take a place of three desktop and three mobile chips and they should be ready in late 2010.
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ATI next generation is codenamed Hecatoncheires
2010 new architecture