More info on the card.
http://en.wikipedia.org/wiki/Radeon_R700
Its actually quite impressive and will definitely offer a solid jump from previous gen.
I don't think MSony would consider the next architecture up as that would add significant cost and heat... IF they move to launch in 2013 as I suspect.
If they hold off for 2015 or so, then it could be a step up with a 5000 series chip or the Evergreen family. (assuming they all stick with ATI)