850 watts for a 4870 and a i7? Meh, sounds overkill to me.
I have always taken Wattage requirements with a pinch of salt, I assume the manufacturers required values take into account cheapo PSUs so they overstate somewhat. If they provide actual ampage numbers on the rails required I would believe those to be accurate figures though.
I run a 285GTX, 8800GT, Q6600 OCed, a WD Raptor, a 500GB 7.2K and lots of USB devices off a Corsair 520HX and have never had problems.
As Vader has said, as long as your using a quality PSU that gives what its rated at, it probably good for whatever is stated from the manufacturer.