AMD have their work cut out to introduce a card that performes better given thier limited to 28nm, Nvidia have faster cards that are smaller and a lot less power hungry.
The 7870/7770 are noticeably more efficient both on power AND per mm^2 compared to the 680gtx. The 7970 uses more power, is often faster, and has a huge amount of DP power that is essentially wasted power for gaming but uses power and is in there, the 680gtx simply doesn't have it. Also the 7970 was built for a new 28nm process and had significant(rumoured to be 15% or a bit more) space dedicated to increased yields.
Even on 28nm they can afford to move up to 400mm and they can claw back a decent portion of space as 28nm yields are better leaving it possible to be far far more space efficient.
What they do, who knows, for gaming(all I'm interested in as well in terms of buying, tech wise I'm interested and impressed by the 7970) AMD would do better to make a dedicated gaming card at a similar size 350-400mm2 without the DP, and a bigger card for the professional market with the DP(because that market will pay through the teeth for cards anyway), I hope they do but not too sure they will.
A 7870 that was 300mm2 instead of vastly smaller with significantly more shaders would offer gamers a much better value card than the 7970, opportunity missed there.
Really not sure what the fuss is with the 7990, for guys who go quadfire, honestly I can't see the problem with the cost of a stupid setup on the 7970 launch, and noise wise I'd go watercooling either with 2x7990's or 4x7970's, better overclocking, available ages ago. The OLD dual cards were great, vastly better value per core, 3870x2 and particularly the 4870x2 were fantastic and available soon after the single gpu making it worthwhile, everything since then has been pointless, badly designed, overly hot and loud and rubbish(amd and Nvidia).
If I was going sli/xfire and particularly with four cards, if I was spending that much on gpu's I'd want them they day their launched till the day the replacements are available, not spending £1600 for a quadfire setup that was superceeded a few months later.