Nvidia has suprisingly decided to cancel its upcoming G70 Ultra card in an attempt to solidify and secure sales of the standard G70 line.
Nvidia G70 ultra would likely be very competitive to R520 XT but it would hurt G70, Geforce 7800 GTX sales and therefore Nvidia won’t release it. So all of you who have been waiting for 7800 Ultra you can just forget about it.
Business wise it’s better to ship many GTX and GTs and sell them in quantities than to release a limited but faster Ultra. We learned that Nvidia shipped a few tens of thousands of GTX and GTs already and it has been shipping in numbers ever since. Last thing you want is to upset people with releasing Ultra, a card that would be marginally faster than G70 and likely to create more problems than solve them.
Source: The Inquirer

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