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Well, the new generation just needs to offer more than 70% more performance, to beat out its multi-GPU ancestor, I think.
And I don't think it's especially unrealistic to have such expectations, given the fact that they've been met in the past (the 4870 was more than double as fast as the 3870, for example) and the fact that moving to a new process gives you double the transistors to play with, for the same die area.
And the reality is, ATI did more than double up the 4870: the 5870 has 2.26x the theoretical power of its predecessor. That's why the 60% to 70% performance improvement we see is disappointing. If Fermi delivers double the performance of the GTX 285 (which is quite possible given 512 vs 240 ALUS), it will wipe the floor with the multi-GPU cards.
Yes it has double the number of transisters, but the card bottlenecks itself.
And i wouldnt call it dissapointing at all, the 4870 was double the power than a 3870, yes. But that was a new a architecture.
The 5870 is still using more a less the same GPU.
From what i've seen the 295% is approx 5% faster, averaging out benchmarks. Plus its still Beta drivers, you cant complain.