Intel announced that it's on track with its 32nm manufacturing process and showed a wafer of 300mm  with 32nm dies on it; and Anand Chandrasekher, the Senior VP and GM of the Ultra Mobility Group, claimed that each die had approximately 2 billion transistors.

Since the company isn't planning to introduce 32nm parts into the market until 2009, it looks like they're well ahead of their schedule.

It might be that since the company is ahead of schedule they have time to fine tune their manufacturing process, as by 2009 Intel will have integrated the memory controller onto the CPU as well as graphics.

Here's a picture of Anand Chandrasekher with the 32nm wafer