I really believe that R700 will be the return to competition for AMD and that the HD 4870 X2 will be superior to nVidia's next generation card, especially if the information listed there in any way resembles the truth.
If that information is true, it is reasonable to expect that the HD 4870 will be 2X+ the performance of the HD 3870 and that's not considering that R700 will probably be slightly faster (or maybe a lot faster) per clock than the R600 architecture. The HD 4870 specs they were quoting means that it would have over 2X the computing power of the HD 3870, 2X the memory bandwidth, and double the amount of memory (1GB vs 512MB). So it's not at all reasonable, even if R700 is no faster clock-for-clock, that the HD 4870 would be twice as fast as the HD 3870.
Given this, the HD 4870 X2 would be over 2X the performance of the HD 3870 X2, which is already anywhere between 20-55% faster than the 8800GTX (per Anandtech's review), with the average being around 25%~. Given this, nVidia's next generation card, with a single GPU, would have to be at least 2.5X the performance of an 8800GTX and the current G92 parts to compete with the HD 4870 X2.
Is that possible? Perhaps, but it definately isn't going to be easy or cheap for nVidia. nVidia's next gen is 65nm and a single die, AMD's is 55nm and two die. G92 is already 324mm^2, how much more can nVidia fit on a die before the cost becomes unreasonable? RV670 is only 192mm^2, AMD has a lot more room to work with than nVidia and their 2 die solution should improve yields. People may knock the HD 3870 for being slower than the 8800GT, but remember that it is based on a GPU that is 60% the size of G92 and very cheap for AMD to produce.
So my prediction: AMD is competitive in the next round, and perhaps wins performance wise. If HD 4870 X2 is equal to nVidia's next gen in price, then IMO AMD wins because the 4870 X2 will certainly be cheaper to produce.