That is a silly way of looking at it. What if the gtx 670 you buy is a terrible overclocker, but the 680 that you might have bought instead was a great clocker. You then might have had spent more but got a card a good 30% faster. Obviously the opposite might happen and you could have saved a decent amount but it is all just a lottery.
Therefore it's only really worth comparing them stock for stock in my opinion(unless it's a factory overclock).
Therefore the 770 is a decent amount faster than a 7950. Even a 660ti or 760 can match a stock 7950.
I did state that I was referring to potential OC, so I already conceded it is a lottery. I'm sorry but it's not silly to compare overclocking potential of the graphics cards available. You are on the Overclockers GPU forum, do you think it odd that people compare OC vs OC here? You might compare stock vs stock and conclude that "shock horror" the £100 more expensive card is faster but most people here will look at overclocking as a massive factor in their purchasing decision.
My point was never that GTX 670 or HD 7950 are as fast as a GTX770 or HD 7970GE stock, I'm saying that with decent overclocks on all cards they will be so close you would need an FPS counter to tell the difference. So paying the extra £100 is nowhere near worth the extra 10% performance.
GTX670 and HD 7950 stock clocks are actually artificially lower than GTX680/770 or HD7970 GE. So GTX670 and HD 7950 will close the gap quite significantly when all the cards are set at similar clocks.
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