Totally misleading and not comparable. I would not touch 480 with a ten foot pole. Not sure why people are comparing 480 and 7970, either, at least from hardware perspective.
Imho,
I had a GTX 470 MSI Twin Frozr and was cool and quiet. There was the filtering with Fermi, which didn't suffer from the mip-map transition noise on high frequency textures which the 58XX series had. There was DirectX 10+ transparency and super-sampled as well as improved flexibility with over-all transparency, strong tessellation and compute, 3d vision, GPU PhysX and forced on Ambient Occlusion.
The key with the first Fermi's, some may make the claim that Fermi wasn't as balanced as AMD's offerings from a performance/heat/acoustic/power efficiency stand-point and if this was important to a gamer, one may of taken a bit more care with their air flow in their case, quality case, water, third party cooler or, simply decide on an AIB differentiation sku, that improves upon the default, vanilla offerings.
The AMD's ghz edition sku's offer arguably the worlds fastest GPU -- with some trade-offs -- and pretty sure AIB's will offer some competitive and improved sku's -- from a thermal/acoustic stand-point. I respect that AMD is trying to be aggressive.
Fermi, while not as balanced as nVidia may of hoped -- did bring in strong revenue for three families and matured well over time.