I don't know.
The core is faster than a HD4870. Indeed is as fast as the core of a HD4890. Plus any architecture optimization or improvement from R700 architecture to Evergreen architecture.
On the other hand, it has little more memory bandwidth than a HD4850.
So I suppose that in a 100% memory bandwidth limited situation it should be little more performant than a HD4850, and the more the processing power counts, the closer it should be to a HD4890.
Then it has DX11 support (including the full DirectCompute, which can be used not only in games), some improvements in GPGPU, some improvements in IQ (as the AF), a hugely reduced power consumption (therefore less heat, and probably less noise, from the card and maybe from the PSU)...
So probably it's a better product for a lot of people, even if it isn't for everybody.
Anyway, until we get some real world data, this is only speculation... it might turn to be worse, or better.
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