Hmm the R770 would narrow it down a bit but there are 3 versions of the R770 core CE, LE and XT
CE has 640 Shader cores (basically the component that creates the "effects" stuff like lighting particles etc,) 32 texture units (used to apply textures to models etc) and 8 ROPs (the component that draws the final frame and handles anti-aliasing)
LE has 640 Shader cores, 32 Texture units 16 ROPs
XT has 800 Shader cores, 40 Texture units and 16 ROPs
for comparison the 360s GPU has 48 Shaders, 16 Texture units and 8 ROPs
But I believe that the Shader cores used in the 360 GPU are more capable per core but the benefit of having a lot more simpler cores should allow many different effects per frame even if they are not much more complex, but don't quote me on that.
But even the lowest end spin of the core (which is probably the closest to the Wii Us GPU due to the size of the console) should allow much higher resolution textures, the extra ROPs will probably be used mostly for driving multiple screens, but should allow more AA and possible more games running 720p with good graphics and high frame rates or even 1080p games, but that would make me wonder why none of the E3 demos including the Zelda demo had no AA.
Finally I would say it's plausible but I am still sceptical.
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