I find it funny that you and I are arguing the CPU and GPU side completely opposite, you think the CPU will be based on Power7 but think the GPU won't be based on anything, you also believe that they will create a brand new gpu process (a tick and tock in one cycle) where you have new architecture going into a new process for AMD GPUs at least, usually they wouldn't touch a new process without extending their existing architecture, GPUs are very complicated after all, and can have major problems if they take a chance like that.
I think you could be right about everything, but I think it's more likely they will use a 40nm or a 28nm, if they used a 32nm, it will be HD4000-HD6000 based, shrunk into 32nm, but it would be more expensive than using HD7000 at 28nm, so either it will be a new architecture at 40nm, or something more a long the lines that I am saying, and 360 is R500, it's part of AMD's GPU architecture, it fits in between HD1800-HD2900 it's highly customized and HD2000 series which i believe is R520 was highly based on the advances we saw with it. Also VILW5 was not used as much in Dx10 because people weren't coding for 5 threads anymore, so 20% of the gpu was hardly ever used.
http://www.anandtech.com/show/4061/amds-radeon-hd-6970-radeon-hd-6950/4
there is an excellent review that talks about why they went VILW4.
I think that there is little chance AMD and Nintendo will come up with a brand new architecture, about the only reason they would is because ArtX former employees have some sort of design, but I think their time would be better spent customizing a HD6000 or HD7000 chip, now you could be right with AMD shrinking an HD6000 design down to 32nm, but it would be better for them to shrink it down to 28nm, if we are talking about 6 months from now, I doubt TSMC's problems will be a big deal at that time.