You are confusing HD5870 vs. HD4870X2 with HD5870 being 2x faster than HD4870. HD5870 traded blows with HD4870X2 because HD4000 CF scaling was sub-par but 5870 was not actually 2x on avg. faster than 4870 was, HD7970GE is almost there.
HD5870 was 62% faster than HD4870 at 1080P 4AA, and 68% faster at 1600P 4AA:
http://www.computerbase.d...st-ati-radeon-hd-5870/23/
925mhz HD7970 was 51% faster than HD6950~5870 at 1080P 4AA, and 61% faster at 1600P 4AA:
http://www.computerbase.d...st-amd-radeon-hd-7970/10/
But AMD left a ton of overclocking headroom on the 7970, allowing most enthusiasts to OC from 925mhz to 1150-1200mhz. With overclocking, HD7970 is actually 90-100% faster than an HD5870 and it has 3GB of VRAM for mods.
HD7970 is a bigger improvement over 5870 than 5870 was over 4870 if you consider overclocking. The downside is AMD raised prices to $550 and there is a larger gap between 5870's and 7970's release dates than between 4870's and 5870's, due to 28nm node issues. Prices also had to rise due to a rise in 28nm wafer costs. Nvidia sold 294mm2 GK104 for $499 while they sold 480/580 chips for $499 despite their 500mm2+ die sizes.
Did you also forget that 5870 falls apart in DX11 games with tessellation?
http://www.anandtech.com/...geforce-gtx-680-review/11
http://www.anandtech.com/...geforce-gtx-680-review/16
HD7970 is a big upgrade from the 5870. I don't expect the next big upgrade on AMD side until 20nm though. HD8970 should be a mild upgrade (15-20%).