Fermi was a fake
Nvidia's director of product PR - Luciano Alibrandi, has admitted that the card showed by Jen-Hsun Huang at GTC 2009 was indeed a fake, with nothing under the heatsink and parts missing. He said "The Fermi board that was held up at the keynote and press conference was an engineering prototype." The working cards are a bit of a mess at the moment, it has wires dangling from it, so not a pretty sight for the consumer. However, the fake, prototype, mockup or whatever you want to call it, isn't that pretty either.
As you can see in the images, the solder points don't line up with the connectors and the PCB has been crudely cut, as you can see by the two barcode stickers and mounting point so close to the edge. The rear plate is held to the PCB using generic wood screws that don't even sit flush, it looked convincing from a distance, but up close it really is a bad job.
However, they remain adamant that the performance figures they shown on stage were actually ran on Fermi cards. Nvidia say that the working cards had gone back to the labs to continue testing, as they want to get these cards out to gamers as soon as they can. Worrying news from Nvidia, showing that initial reports of a early 2010 release could infact be true, despite Nvidia's claim they will be ready before that.