Obviously not. It was trading blows with 1050mhz HD7970. The Zotac AMP! 680 was overclocked to 1202 mhz with GPU Boosting to as high as 1285mhz!
http://www.xbitlabs.com/p..._z68-ocpast_tauto_big.png
The standard 680 couldn't beat an HD7950 @ 1050mhz. If you overclocked the 7970 to 1165+mhz, it would be just as fast at 1080P and beat a 1290mhz GTX680 in high resolutions.
Already shown in this review by Xbitlabs:
http://www.xbitlabs.com/a...adeon-hd7970_9.html#sect0
Also, AnandTech had HD7970 overclocked to 1200mhz and the lead it pulled in demanding games such as Crysis and Metro 2033 is astounding:
http://www.anandtech.com/...catching-up-to-gtx-680/18
No way could an overclocked 680 catch it.
It's impossible to conclude that an overclocked GTX680 is King since it loses in high resolutions and at 1080/1200P it trades blows with an overclocked 7970. At best they are tied, but if you get an HD7970 sample that overclocks to 1.2ghz+, then it would beat GTX680. And also, most HD7970s are now going for $440-470, making them cheaper.
This review was somewhat low on games. Had it expanded its game selection to include Bulletstorm, Serious Sam 3, Anno 2070, Alan Wake, Crysis 1 / Warhead, Deus Ex: HR, Ghost Recon Future Soldier, 7970 would pick up wins in each of them. If you add more and more games outside of the Batman AC, Battlefield 3 and SC2 where 680 does well, HD7970 looks even better.