From a consumer perspective this is the high end card. No ifs, no buts - it's the GTX680 with a pricetag to match. From that perspective, it is no more impressive than the 7970 was: A modest improvement in performance over the previous generation, with a high-end pricetag.
From a technological perspective it seems to be a fairly impressive chip from what we've seen so far. Small die size, relatively low power, and able to roughly match the performance of the 7970, using 'only' a 256-bit memory bus. We already know that Nvidia is preparing a larger variant, and from GK104 we can extrapolate a fair amount about how that chip will perform.