just tested intel burn test and fur mark multi gpu and the 12v's are droping to 11.21/10.59/11.21 on full load and on idle its about 10.87v
That unit is fluctuating by roughly 6%-10% on the 12v rail, which is not good news for any device feeding off of it. You would expect +/- 5% on a given voltage under the ATX spec. for a power supply unit. It may have a bit of power to spare elsewhere, but it will be on the 3.3v and 5v rails (they should appear within spec) which aren't much use to you in this case.
Using this handy tool:
http://extreme.outervision.com/PSUEngine; I worked out a rough theoretical total for your complete rig of around 578W - 623W @ 90% system load, 352W-402W at about 50% and 642W-692W at peak.
TT650 would be just about enough to hold it all together under most use scenarios, but it will hold the system back when its power draw spikes, which is not 100% of the time, yet it happens often enough to make a difference. Inconsistent gaming performance with dips in the FPS numbers is a prime example of that.
I would swap that TT850 in for a quick testing spin. Its 12V outputs 3 and 4 are rated for 30A max, which should be more than enough to keep HD4870x2 happily fed and will keep the rest of your system stable.
As for an upgrade, look at a more efficient 650W unit with more current on the 12V rail or something in a 700W-750W range. OCZ, Corsair and BeQuiet! units spring to mind, but this end of the market is so over-saturated, almost every listed manufacturer has something to offer here. Just watch out for overall efficiency, 12V output and price in accordance with your budget.