I heard it's supposed to be officially announced at CeBit(?) on March 12. Rumors are that it's already in mass production.
It sure would be nice to have them available massively mid-March.
I probably won't be dropping $399 on a new card, but I'd sure drop $250 on a 9700 pro if the release of the R350 makes the R300 drop that far . If the lower end R350 (which is better, R350 or RV350? I can never remember) is around $300 at release and better than the 9700 pro, then i'd consider dropping that much. I'd kick myself in the rear 2 years later for spending $399 on a video card.
edit: Btw, welcome to AnandTech forums