Less, MUCH less, its 900Mhz suggested WHEN OVERCLOCKING, its probably 800Mhz at stock, if that, meaning its a half speed part give or take 5%, and because of lower bus, less memory, it will be worse at high res and run out of memory much sooner.
SLI/xfire scaling reduces when using a 2xgpu on one card type situation, I expected a dual core gf104 based card would have trouble beating a 480gtx properly in most situations. Its a fairly viable card for producing a 480gtx type performance card, at a significantly reduced cost in noticeably higher quantities, but if gf104 is another 2 months away from supply on shelves, and the gf104 dual cpu card even further away, well, you start getting VERY close the 6xxx series refresh.
Its also not at all a move towards smaller dies at higher frequencies, AMD uses lower frequencies, the vast majority of Nvidia's core is running at, 480gtx, at 1400Mhz, last gen, 1500-1600Mhz, AMD, 850Mhz. Likewise, this is the MIDRANGE card Nvidia are bringing, not a new high end. AMD's midend card is half the size of the 5870, and therefore, will be massively smaller than the GF104.