As we said, GTX295 won’t use GDDR5. Its core/memory/shader frequency is 576/999/1242, the same as GTX260. But the total video memory/memory interface (1792MB/896bit) have doubled that of GTX260. The stream processors (480) of GTX295 also doubles that of GTX280.
Here's a slide that compares the performance of the GeForce GTX 295 with the Radeon HD 4870 X2. Take it with a grain of salt, but it appears the GeForce GTX 295 may have a significant performance advantage over the Radeon HD 4870 X2.
There's also a PhysX benchmark on Expreview's website and a power consumption comparison. If these figures are correct, the GeForce GTX 295 will have a much better performance per watt than the Radeon HD 4870 X2.