I think you will find it is unless you have lowered the clocks.
My system with a 4870 idled around 180 watts and pushed 300 watts+ depending on the game. I don't think you are reading it correctly. How are you monitoring it?
Ok, You did not start well by essentially assuming I don't know how to use test equipment


...Just take it from Me as an ex Test/calibration Engineer I do !
I have a couple of cheap £25 plug top meters, I don't know whether they use any sort of power factor compensation on the watts scale and for what I use them for it's easier than computing Volt /Amps but the bottom line is i can't see them being more that 5% out
It's Clear You have not got into underclocking/volting as You would know dropping the clocks does not reduce the power consumption hardly at all
I used to run 2 4850's with Coolers I Made and was quite happy with the performance but problems with the fan units and the heat inside the case (even though the cards expelled the hot air ) eventually made me go for a single card and the 4870 is about the best in class, But like a few others around here It's power consumption put Me off but after looking into it and looking a bioses etc I saw what the problem was, As the same core as the 4850 and just running it a little faster ATI had massively increased the core voltage, so it wasnt the DDR5 eating power.
Long story short I got a 1gig 4870 but was pleased to find the later bios has reduced voltages and hence lower power draw in light loads and I have reduced this further in all power phases to further reduce power requirements down to not a whole lot more than a 4850

As to Yours vs mine, I would say in an overclocked/overvolted system Yes You would run around 300watts but people forget when comparing overall power figures just how much power the CPU is using especially when they have turned off speedstep and stuck 1.35v+ up it's rear !
It's a very interesting subject but sadly not talked about as much as it could be, I suppose mainly because a lot of the guys around here don't have to pay their own electric bill
