Xbox 2 graphics unit nearing completion???

During the Smith Barney Citigroup 2004 Technology Conference, ATI's CFO Terry Nickerson hinted at the firm's involvement in next-gen development for both Microsoft and Nintendo.  In reference to ATI's involvement with Microsoft, Nickerson had this to say: "We're actually winding down development on some of the Microsoft product."  Most likely, this suggests that the design of the graphics unit for the Xbox 2 is nearing completion, and that the expected 2005 release of the console is still on track.