To all the people dooming the GPU to epic fail, I sadly must dissapoint you. A GPU made on the mid-range GM204 with lower TDP, lower amount of cores as well as lower memory bandwidth, which will compete with a fully enabled GK110 GPU?
I'd say it's freaking amazing. Nvidia will only release the mid-range parts, just as they did with the 600-series/700-series. AMD can't dompete with their high-end parts, so why throw the ace on the table immediately? However, when AMD throw out their competitive GPUs (and they will), Nvidia will release their high-end GPUs. Just like they did with the Titan and 700-series.
It's smart marketing. Selling "half-ass" GPUs to flagship prices? Plz Nvidia, which organ do you want?