HD5970 is around $700 here in Turkey.

A few points about GTX 380. No doubt it'll be compared to 5970 like hell, so pre-emptive strike:

The Facts
1. It's gonna draw about 50W lower than 5970 in load, which is good.
2. It's a single GPU without all the microstuttering / scaling problems of 5970, which is good.
3. It has massive GPGPU performance and PhysX, which is good.

Now, there are hundreds of rumors but the "25% faster than HD5870" looks consistent. It would make GTX 380 about 15% slower than HD5970. In this thread, Zed_X mentioned earlier that it performs great on Unigine benchmark so maybe its tessellation performance is better than Cypress / Hemlock too. Don't think we're gonna see hundreds of tessellated titles in the next years, but still it's an advantage.

If everything I wrote above is correct, I'd say that 380 would be a good product if it was priced about HD5970 pricepoint. But if Nvidia does that and AMD lowers 5800/5900 price points, Fermi fill indeed be a (huge) flop.