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Replacing 8800GT

NO. You're getting a downgrade. It's much, much slower than your 8800GT. You'll need at least a GT 640 to match the 8800GT in performance.

GT 640 = GT 740 (because it's a rebadge)
 
Thanks everyone. I decided to go for a*GeForce GT 730 Low Profile 1GB DDR3 PCI-Express Video for $50 + tax.
 
How would Pitcairn fare against GT740? Used it should be in the $50 range.

Pitcairn would be much faster, maybe close to 2X faster. R9 270 which is just stock HD7870 (7850 OC ~ 7870) is 31% faster than a GTX750Ti. A 1050mhz Pitcairn R9 270X is 44% faster than a GTX750Ti.
http://www.computerbase.de/2015-01/nvidia-geforce-gtx-960-im-test/3/

It's obviously not going to be possible for any new sub-$120 card to compete with a used GCN 7850/7870/7950/7970/7970Ghz on price/performance.

All of this assumes you have a solid Core i5/i7 CPU though. If you have a slower Core 2 Duo/Quad/i3 CPU, then the difference will be less since AMD cards are bottlenecked more by slower CPUs. An $80 HD7950 would be next to impossible to beat in terms of value because an overclocked 7950 = 7970Ghz/GTX770/GTX960 and it would have 3GB of VRAM too.
 
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