The Inquirer has received some details about ATI's R520 ,codenamed 'Fudo'. It is planned to be released in 2005, supporting Shader Model 3.0. "The 'Fudo' chip will have Shader model 3.0, according to our sources. It's too early for Shader 4.0 as this nice shader model won't show up till 2006 or even later. As we suggested before, Shader Model 4.0 will come with Longhorn and our friends suggested that Windows Graphics Foundation is responsible for it. Unfortunately we all know that Longhorn is slated to arrive in 2006 or even later, so Shader Model 4.0 will be something for years to come and too late for the R520."
Some more details can be read at The Inquirer.