Well, it'll take 2.3 GHz DDR3 quad channel to pull equal to 1.15 GHz GDDR5 in terms of memory bandwidth... But it will be close. You're certainly right that this is a LOT more powerful than typical discrete GPU options you see on your average low end Dell (usually 5570 or something like that.)
It's great for teenagers who are using their parent's computer and have no option for discrete. It's great for laptops. For the rest of us it's lame.
It'll be a while before we see 6870 level graphics in an IGP though. You need 8 channel DDR3 to even come close to the bandwidth. I don't really see that happening. We need DDR4 or DDR5 on the desktop before we start seeing that level of memory bandwidth on the desktop. In the meantime, it'll get stalled somewhere between a 5770 and 6850.
Really, that's not a bad place for IGP to be stalled though, you can play at 1920x with a GPU that powerful. Not with MSAA and ultra settings, but it's powerful enough to play real games at 1080p with much better visual quality than a console.
You realize they were moving as many as they could make for all of last year, right? They are already "really moving units" and they stopped making 45nm CPUs as a result, so they could increase APU volume. APUs have been a good move for AMD, even though they are not really at all exciting to the kinds of people who read these forums.