The probelem is that the percentage gains from overclocking a 7970 are poor compared to other cards. A 20% OC may only equal 6-10% gain, and when Kepler is ~10% faster to begin with it may not be enough.
Perhaps the fact that overclocked 7870's come surprisingly close to 7950 performance indiactes there is a hidder bottleneck somehwere within Tahiti?
Not really, again that is how efficient the 7870 is, there is a LOT more to the 7970 than gaming performance, which is why it's efficiency is dropped, however there is the likelyhood that its ROP limited to a degree, min's vs 680gtx are much MUCH more favourable than max framerate.
However, you're very much wrong about 7970 scaling, 16% overclock on TPU results in a 14.1% performance gain and that is the same thing I've seen around the web for the vast majority of reviews that talk about overclocking.
Stock 680 (auto oc) > 7970
7970 OC > Stock 680 (auto oc)
680 OC > 7970 OC
The only slight issue is, they've gone with a 16% overclock on the 7970, which is pretty ridiculously easy to achieve, it seems they increased voltage to get their max 680gtx overclock, while the 7970 was a rather "basic" overclock without a single mention of voltage and talking about CCC limits, so it would seem they used what is a fairly tame overclock for a 7970. There is also the issue that Nvidia's manual overclock maintains turbo boost, so AMD that is 16% in every game, while Nvidia has a different overclock for every game there. Is their 7970 unstable in one game above 16%, but stable above 25% overclock in another? Now don't get me wrong, that's a plus point for Nvidia, saves you making a new profile all the time as you're really finding a stable "tdp"/clock speed and the card will achieve it when it can.
Personally think anyone would be mad to buy now, let AMD drop prices a bit(or launch a 7980 to bring all the prices down), then let Nvidia match, rinse repeat. let 6950/570/580 go out of stock, watch the 7770/7870 drop in price and the 7950 drop to fill in the price gap, and Nvidia to release a 670/660 version of their card to get some real price wars going.
The only thing I'm certain of is Nvidia and AMD can make a killing at these prices, and they will continue to do so as long as people keep paying those prices.