Currently GTX 295 means: Two GPUs - two PCBs. But a refresh of the card is said to change this.
A rendered concept shows Nvidia's dual GPU card with a single PCB design. Currently the Geforce GTX 295 has one board for each GPU. The new layout is covered with a new cooling solution that has a single radial fan which supplies the two blocks (one for each GPU) with fresh air. The back side of the card is covered.
The first engineering samples of the single PCB GTX 295 are expected in April and the official release is supposed to follow in May, says Expreview. The new layout probably lowers the production costs of the GTX 295 - possible this will have a noticeable effect on the retail prices, too.