470 a non contender, yet it can exceed a 5970 when SLI'd for about the same price.
5970 is going for 699 and up to 719.00 that I have seen on average. That would place dual GTX480's at 300.00 over 5970, not 500. If you don't have a PSU that could push the 2x480s, then I can see the 500.00, but I'm fairly certain a 5970 needs a decent PSU to. 2x470's costs just about the same. For a bit less money and less performance one can go 2x5850 as well.
Bold above: You don't think a GTX480 offers near enough performance because it is late. Because of the time it actually launched, you feel that it should be pitted against what would be an AMD refresh by now, am I correct? That's fine. In that case, even with a "5980" released now with 2GB and clocked to 1000MHz, it would just about equal a GTX480, now. And not in all things.
So, I think if GTX480 was released back in September along with the 5870, it would have been viewed as a faster card all around. If you think it should be compared to an AMD refresh which should have been out already IMHO, it competes on a more even level. And considering an overclocked 2GB 5870 costs about the same as a GTX480 and offers similar performance in most cases, I think the GTX480 is priced right where it's supposed to be, and it looks like AMD thinks so too. Or at least the board partners do.