This is the question I've been struggling with for awhile now. On the one hand, a pair of 4850s can be had for around $320 after rebate while a single 4870 is still sitting at $300. The performance delta between the two is substantial and would seem to make a decision between the two a no-brainer. But as Sylvanas rightly pointed out, you need a 2x16 PCI-E 2.0 board such as the 790fx, x38 or x48. Going with the AMD 790fx is definitely cheaper as their boards can be found for $135 - $220, yielding an overall price of $450 to $540. But if you wish to go Intel (as I'm sure the majority of people here would), x38 and x48 boards go anywhere from $225 to $350 depending on how fancy you want to get. And that leaves you with a $545 to $670 overall bill. Suddenly the cheap 4850 CF has gotten a heckuva lot less appealing than it did when you were simply looking at a pair of video cards.
On the single 4870 side of things, a simple 16x PCI-E 1.0 motherboard will work just fine with a 4870. I would say that a lot of people currently looking at the new AMD video card offerings already have a system with at least 1 16x PCI-E slot. In that case, the cost of a motherboard can be just left out of the equation and you're looking at just the $300 cost of the card itself. Even if your system is old enough that you need a new motherboard, the excellent P35 chipset based motherboards can be found for $75 to $180. Now you're only looking at shelling out $375 to $480 for your new gaming rig.
Just to throw ANOTHER wrinkle into the mix (as if it needed another), you have to look at your power supply. A decent quad core system with 4gb of memory, a hd, cooling fans and a 4870 will draw around 276 watts. Swapping the 4870 with a pair of 4850s will jump that figure up to 380 watts. While the 4870 system draw is sitting low enough for most decent 500-600 watt power supplies to handle, the 4850CF is getting uncomfortably close to pulling enough power to cause instabilities due to the overall power consumption on each of the 3v, 5v and 12v lines that make up the overall 500-600 watt rating. Overload any one of them and you're suddenly in need of a new power supply, even if the overall system draw is less than total power supply rating. Since there are SO many power supplies available, I'm going to generalize and say that a decent PS for a 4870 system will run $75 to $150 and that a CF system will require one running $125 to $200. Again, this is just a guesstimate based on Newegg prices.
So there it is (at least as far as I've been able to figure out). I deliberately left out the CPU cost as there is such a wide range of prices depending on your pocketbook and performance requirements.
Single 4870 system
Don't need motherboard, don't need power supply - $300
Do need motherboard, don't need power supply - $375 to $480
Do need motherboard, do need power supply - $450 to $630
4850 Crossfire
Don't need motherboard, don't need power supply - $320
Do need motherboard, don't need power supply - $545 to $670
Do need motherboard, do need power supply - $670 - $870
If you find any inconsistencies or errors, please point them out to me and I will gladly change them. Again, this is just a rough idea of the costs involved in upgrading to a 4870 or 4850CF.