But the problem is, we are comparing the 7970, to last years, soon-to-be-outdated GTTX-580. The 7970 will truly be seen as a rip off at $550, when the GTX-680 comes out at similar pricing and destroys it.
The 7970 should be following both the launch prices of the 5870, and 6970, the top single card releases from ATI, which started around $349 - $399.
You're thinking way too far ahead and assuming AMD won't adjust their price when Kepler comes out. Prices aren't written in stone. AMD released a card that beats its competition at the same price, and just as Nvidia is likely to adjust the GTX580 prices soon because the 7970 trumps it, AMD will adjust their price on the 7970 when the 680 comes out.
It's not "soon-to-be-outdated," not that it matters because current prices are just that... current prices. Nvidia is following a bottom>up release so we won't be seeing a 680 for half a calendar year, so expect this to be top dog for a while and prices to stay the same or increase depending on how quickly they sell