I think ATi is preparing themselves for a price drop. They positioned the 5870 next to the GTX 285 - about the same price, and better performance. It's not as fast as a 295 overall (though it's close in some cases), but it is significantly cheaper. I expect their 5870x2 will beat the 295 quite comfortably.
However, the 4890 is now HALF the price of the 5870, and as it's around the performance of between a 275/285 at the moment, that makes it an incredibly good deal. I think this means ATi has room to maneouvre to bring the price on the 5870 down. Something like:
Late September: 5870 launches, loads of early adopters buy it.
Early November: GT300 launches, is faster than the 5870, but more expensive (say £350).
Middle November: 5870 drops to £250, releases 5870x2 at £400, everyone goes crazy in their christmas shopping.
(This is pure speculation, I have no insider information

)
I think ATi got the timing right on this, putting pressure on nVidia to come in at an incredibly attractive pricepoint, to be able to even compete.