I fully expect that the card pictured isn't exactly operational. I suspect it probably is the form factor, PCB, and heatsink design Fermi will carry if Nvidia is able to ship the card. However, what many people will point out is that there's a second system visible in the upper portion of the photo and a sound card is blocking the view of the graphics card. The position of the cables also seems to indicate that the upper system is the one that is actively hooked up (take a good look at the grey cables).
Given that Nvidia has as of yet, as I understand it, failed to show investors that Fermi works in the likes of an Ikos box or other hardware gate simulation device, I'd question whether or not Fermi is actually complete.
The only way I would put any weight behind what Nvidia is doing with fermi is if they sent a card to the Nouveau developers.
http://nouveau.freedeskto...3b8604f552e9f2da14c4b993f