The reference design has really never dropped much, unless you get some kind of deal like Bing cashback. I tend to stay away from non-reference designs because a number of these are not volt moddable.
After shopping around for 5-series cards for a few weeks, I ended up opting for a GTX 470. At MSRP the 5850 looks like a much better deal on paper. However, taking into consideration real world pricing and an EVGA life time warranty vs. whatever you get from some random ATI vendor, the gap between the 5850 and GTX 470 is pretty small.
Just putting that out there as an alternative if the GTX 470 ever crossed your mind as an option.