Griz, I just watched the Xbox unveiling video one more time just to make sure. Seamus Blackley, the Microsoft guy who presented the demos, clearly said that the demo system ran at 1/5 the power of the Xbox, not 1/3. He said this twice, once at 8:42 into the video and once at 17:21. If you have read somewhere else that it is 1/3, please give me a link as I would be curious to read about it.
Jesse, I agree that there is undoubtedly some NV20 hardware around now, but the unveiling was on January 7th. Besides, Bill Gates came right out and said that the NVIDIA processor wasn't in the demo unit yet. You'd have to ask him why. One thing though is that NV20 doesn't equal Xbox. NVIDIA is providing the sound and networking chip as well, and all of this is integrated together in a shared memory architecture that is different from any PC. In other words, though the NV20 is around, it isn't necessarily ready for the Xbox, or maybe the Xbox isn't ready for it.
The screen shots on the Xbox site exactly match the demos shown at the unveiling, so I stand by my opinion that they are NOT rendered at full Xbox quality.
Regards,
Warden