In a previous post, I mentioned that those cut backs in the 5000 hardware resulted in 15-20% less performance, but I was comparing with the 5770 card. And it seems this difference grows with the higher end cards. For example, the 5770 lost ~20%, the 5830 lost ~30%, the 5850 lost ~45%, the 5870 lost ~55%. Right now, the 5870 is about 40% faster than the 4890, if we add the lost 55%, you get a 95% difference, which is about double (the hardware doubled after all).
These numbers are not very accurate, but they give a rough idea. And if this is correct, a hypothetical Northern Islands with the "old" chip configuration of the RV770/RV790, but with 1600SP/80TMU, would be clock for clock ~50% faster than the 5870. Of course faster GDDR5 memory and/or a wider bus (384bit) needs to be used also.
Anand's RV870 article mentioned that Cypress would have been ~400mm^2 in size without the cut backs. So there is a possibility that NI would just be the "original" planned Cypress without the cuts, with some tweaks and higher memory bandwidth. You get a GPU @40nm that is about 400mm^2 in size, with similar or higher performance than the 5970, pretty impressive if correct.