Exactly, check 560ti and 5870.
http://www.anandtech.com/bench/Product/511?vs=547 If GF100 failed NV could increase GF104(114)clocks further and make some turbo shenanigans and have a very competitive product performance-wise from their MID-RANGE LINE. They would be competitive until Cayman release. There're further parallels between those chips, both have seriously crippled compute performance, because they are gaming chips, never meant to be their highest tier solution. If 7970 was 80-90% faster then 6970 instead of 45% with release drivers I'm pretty confident that we could now buy GK110 based GeForce cards. AMD was too conservative with 7970 because even 300mm2 NV mid-range chip could beat it at release.
There isn't a big performance gap between 5870 and 560ti. GTX460 was released with very low clocks and its shaders were cut-down. 560Ti shows us what GF104(114) can do when fully unleashed. Locked voltage control, cheap PCB it all screams 300$ card. Do you really think that NV planned their next high-end card to have the same memory bandwidth then its predecessor? Apart from that, NV already released their high-end chip in the form of GK110. So arguing that GK104 was always meant to be their high-end flagship card is from my point of view stupid.
UPDATE:
Yes, that's exactly what I'm saying but it only pertains to gaming performance, let's leave compute performance out of this.
560ti and 5870 there you have it, NV mid-range card pretty match performs on par with AMD high-end card. It already happened in the past so why do you think it's so improbable?
560ti almost ties 6950 which is a tiny little bit faster then 5870. So that's another example of NV mid-range chip performing on par with AMD high-end, the other example is 680 vs 7970. Although with 7970 GHz edition AMD managed to eke out a small win, but that's nothing major. With current drivers vanilla 7970 pretty much ties with 680. Even at release GTX680 was only about 5-8% on average faster then 7970 at 2560x1600 resolution. After OCing both cards 7970 was faster.