It looks like the previous rumors were true and there will indeed be a 1GB of version of AMD's Radeon HD 6950 graphics card. According to HardOCP, here's what AMD had to say on the matter:
"When we launched the AMD Radeon HD 6900 series in December, AMD introduced our most advanced enthusiast GPU ever," the chip maker said . "Equipped with a 2GB frame buffer for extreme high quality settings and very high Eyefinity resolutions we delivered an immersive gaming experience...AMD partners are introducing the AMD Radeon HD 6950 1GB variant, bringing all the capabilities of the AMD Radeon HD 6900 series to new price points."
Those new price points break down as follows:
AMD claims the new 1GB card delivers "an incredible feature set and enthusiast class performance to a highly competitive price point," though it remains to be seen if consumers will see it the same way. AMD's pricing is in line with what we heard before, meaning the 1GB model only nets system builders and gamers a savings of $10 to $30. That's enough to buy a PC game (or several if you take advantage of Steam's frequent sales), but less of a difference than we had hoped.