I live in Pakistan, the 1070 has launched for $550 here but that is to be expected at launch. I depend on the average price of the 1070 decreasing in the US for it to become cheaper here. But I don't see that happening after the 480 flop.
I can buy a non warranty 1070 for $450 right now but I am gonna wait for the warranty versions to come below $500. This will be the most expensive component I have ever bought for my PC. The 1070 is certainly worth getting over the 480 for 1080p as well. The feeling of maxing every single game in existence would be awesome, the last time it happened was when I got the 8800GTS.
I would have sacrificed this "feeling" if the 480 was just a little bit better but as it stands it's just not very tempting. I halted my plan to buy a 390 at the last minute and after all that wait to end up with what is essentially the same card would not be the best upgrade feeling.