Going off of AnandTech's 4850 review and the many others on the internet, and going off of what I've been reading for the 9800 GTX+, I can say these things about the graphics cards.
The ATI 48xx series seems to be ATI's trump card against Nvidia, and all the previous glitches of the R600 have been fixed. However, the fan should be made into a dual-slot one that exausts the air out the back of the case. I do believe that the Excelero S2 HS/F is the aftermarket cool replacement for the ATI cards, however it too blows the heat into the case. I personally have a case that has 2 120 mm fans and 1 80 mm to circulate air and therefore have no problem dealing with this. However, some more cramped cases will definitely need a better cooling solution. Also, the 4850 is shown as having better AA performance scaling compare to the 9800 GTX+ and I think anyone who knows that they can turn up the AA to the max without everything getting a big drop will do so, and therefore I think the 9800 loses a rather big point there. The 4850 also will have it's 2 bigger brothers, the 4870 and the 4870X2. I have heard rumors of the 4870X2 having 1GB of shared memory, which is a very big thing, because this would reduce or eliminate microstuttering on the texture-heavy games some experience when people play games like Age of Conan. However, the 4870 will be coming out on both 512MB and 1GB, but I am not too sure about that. Also, although the 4870 1GB in crossfire has more memory compared to the 4870X2, the shared memory would make it better due to just being able to communicate over a direct link (supposedly?) instead of a crossfire bridge. I am a bit fuzzy on the details, and some of us are, but once ATI gets the rest of their 4xxxs out the door the dust and smoke will clear.
The 9800 GTX+ is your standard 9800 GTX overclocked some and with a plus drawn on the back. A proven design and more familiar to me, as I have pretty much only used Nvidia for gaming PCs, due to the fact that my first and only gaming PC was in the time of the 7 series where Nvidia was stomping on ATI's arse. I can't really say much about anything for this graphics card, because we all know about it and there are no outstanding features other then a very good bang for your buck. However, this is shared by ATI, and they're both the same, if not the ATI being better at this point, due to AA scaling better. However, the one area where ATI does lose is fillrate. Although the ATI shines overall, the fillrate of something that I need to go back and look through the reviews to confirm (Yes, I have crap memory.). So I do believe the ATI does beat Nvidia's response to the 4850.
Moving on, Asus has announced a dual-slot blow out of the case 1GB model, which should make those people happy. Anyway, the moral of the story for this wall of text is that I believe that ATI is winning, although it might not be much. ATI does need to hurry up and get the rest of the models out the door though.
EDIT: Actually the moral of the story for this wall of text is that I can haz cheezburger?
EDIT2: Also, unless you have something more then a 60 hz monitor, you won't see the difference between 70 and 200 FPS, you might feel the controls to be more responsive, though.