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Another way to look at it is that the GTX 670 is 66% more expensive than a 7850. So in a given benchmark, to break even and be just as good value, the card needs to be produce 66% higher fps.
Unless anyone has any suggestions as to how best to compare these two cards?
I'll buy whichever, as long as they are worth their price tag.
Not sure on your maths there!
OcUK prices
7850 is £200+ (ignoring specials), and a 670 is £300+
So 670 is exactly 50% more expensive!
What you gotta remember is you never get the same value as you move towards the top of the range. Mid range will always be better value. BUT IMO the 670 is not that bad value in todays market (sadly over inflated as it is
). The 670 is a GREAT card.
Try AnandTech to compare. This is 7870 vs 670 to try to factor in a bit of the 7850's o/c ability > http://www.anandtech.com/bench/Product/548?vs=598

Even if the 7850 might give slightly more fps per pound, the fps the 670 gives you will be higher and result in a better gaming experience. 60fps @ £2.90 per frame is better value than 35-40 fps @ £2.55 per frame.