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The RV770 is the new chip powering the HD4800 line from ATI and the FireStream 9250 and is claimed to be able to push around 1.2TFLOPS of performance on a single gpu. the X2 model arriving later will of course be dual GPU featuring 2.4TFLOPS or so of performance.
Currently the GTX280 is estimated to push around 900GFLOPS per chip at the $700 level so if ATI is fighting them on the price front then this should turn out quite interesting for consumers. No one will really know for certain until the 4850 and 4870 benchmarks arrive in the next few weeks though.
As for the rest of it, it seems a bit of a given that a gaming card would appear in computers... I guess they didn't think that out very far. Hopefully the advancements made in the PC realm allow them to push even more insanity on the masses when the next generation begins.