The G400 MAX came out a few months before the TNT2 Ultra and 6 months or so before the first GeForce, if memory serves correctly.
This was late 1999/early 2000. I remember arguing with a coworker about how great the image was on my new G400 MAX and he was spouting how the GeForce would dominate it, including the PQ. pffft
It was touted (rightfully, I'd argue) as being the top card on the market... for about 3 months Great card, just didn't have the 3d speeds. I was glad I replaced my TNT and Voodoo2 combo with it - the difference in image quality was highly noticeable.
With E3 coming up, who knows what it could be. I hope it IS a new Matrox card, but what they've been saying, if anything, their next card won't be targeted at gamers anyway. Unfortunately, I fear that with *whatever* the product is, being pumped up as it has been, will end up being a disappointment to many.
If it means cheaper prices for the consumer, it can't be all bad.