I've been testing ASUS DirectCU 670 TOP and Gigabyte WindForce HD 7950. Both are fantastic cards and in my opinoin and it is a tangible upgrade from my previous GTX 580. Being custom-designed, both the 670 and 7950 have had zero problem with heat or noise. (except that the first 7950 had a faulty fan making clicking noise, which I promptly replaced with a new one)
I give a slight nod to the 670 because it fixed many of the shortcomings of previous Geforce products. 7950 feels more incremental improvements compared to previous AMD products, despite its significant architectural departure. The 670 is a very refreshing product in that it overcomes a whole swath of negatives of the Geforce products of the past.
The ASUS 670 TOP is at its limit and I haven't had any luck with overclocking. But it already clocks at 1240~1250 MHz with firm stability and that's more than what I hoped for. But I did overclock its memory to 1700 MHz, which was also completely stable. Very satisfying experience.
The Gigabyte 7950 was very satisfactory as well. Incredible cooling performance. (~55C top when overclocked, and looping Heaven benchmark for 5 hours) I had some trouble with overclocking initially, but soon found out that it's because, upon resume from S3, the voltage overclock I set in Afterburner did not hold. I had to manually set voltages upon every wake-up in order to keep the overclock, which is a chore with very little reward.
So for the 7950 I ended up with 1050/1500 which is the max it'd do without touching the voltage. For Benchmark purposes I could crank it up to 1150/1500 @1.175V for the core. (Its default 3D voltage is 1.050V)
Performance is nearly identical between them but there is one not-so-insignificant shortcoming of the 7950. The 2D frequency takes priority over the 3D frequency when there are tasks competing for the GPU resources. For example, if you watch a YouTube video while playing a game, the clock speed defaults to that of 2D frequency. The 670 doesn't exhibit this behavior and handles multitasking and task-switching more graciously than the HD 7950, which may be attributed to its new memory controller and dynamic voltage/frequencies. (Thank you, Cookie master for pointing it out and I now can also vouch for it)
As for the on-board memory, I can't decide my mind. On the one hand, 2GB of the GTX 670 does feel somewhat limiting (I mean, StarCratft II @2560x1600 consumes 1.6 GB+ with 4AA according to GPU-Z). With many applications turning to GPU for its performance, I do feel like 2GB of onboard memory will be cutting it close in near future. And I don't think a 4GB version is going to help much for the 670, unless memory bandwidth also increases with faster memory. On the other hand, I am rather skeptical of HD 7950's 3GB becoming handy in anytime soon, considering its rather lackluster multi-tasking performance compared to GTX 670. (Not sure its latching onto 2D frequency is hardware-oriented or drivers-dependent)
Still that doesn't mean I did not enjoy HD 7950 a lot. As soon as I swapped out the 670 for the 7950, I was greeted with the warm/saturated/vibrant/accurate colors that I had grown to expect from AMD products. (The 670 still retains its bleached color tone that has been bugging me on the previous NV cards - and no, you cannot exactly rectify that with calibrations) Also there was zero driver issues I experienced under normal usage. Only time where drivers acted weird was when voltage overclocking was involved, and I knew what I was doing wrong.
Interestingly, the so-called "power limit" slider thing helped neither the GTX 670 nor the HD 7950. Both cards either recovered or hard locked when I tried to overclock just 25 Mhz more by setting the slider at +20%. So I am leaving it to 0% for both.
I spent $320 for the 7950 and $380 for the 670, and have no regrets so far. Often times there usually a winner in my subjective judgment and I end up selling one over the other, but this time I am not sure about that. But it's been only a week so I shall see.
Only games I have at handy for this brief testing: StarCraft II, The Witcher 2, and Crysis/Oblivion. Almost identical performances throughout between these two cards. Advantage the 670, enabling Ambient Occlusion in SC2 via driers which I kind of like. Advantage the 7950, for the Witcher 2 with faster menu/interface navigation.