The new location for the connector is shown well in the
Twitter post referenced in the article, as well as on
Gigabyte's product page for the card:
It's at the end of the PCB of the card facing further along the card, but that's only about 2/3 through the length of the card, because the last 1/3 of it has no PCB (like most 4090 designs) but only the heatsink, which in case of this new V2 Windforce has a giant cut out 1/2 the width and 1/2 the height of the cooler (which makes it 1/2 the width and the entire height of the heatsink), clearly allowing to gradually bend the connected power cable in whichever direction necessary, getting it out of the way of either the length of the card (like was possible in V1), or the width of the card (which is only possible with V2), or even both (bending the cable upwards) instead. With a vertical mount the latter would be "behind the card" hiding the cable from view altogether.
It looks like a great design, modulo the cable getting in the way of the airflow (which is probably not really an issue at all, not sure).
Of course, the most interesting question is whether clearly reduced bill of materials here will be passed along to the user, lowering the price (I highly doubt it), or at least allow us to see this in retail at the same price (hopefully?), and the second interesting question is whether it will be as cool and quiet as V1 or not.