It's precisely because of ATi's relatively inefficient architecture that they must cram so many SPs into their chips to extract even a reasonable amount of performance from them (real-world apps, compared to competition).
Maybe but let's assume that GT200 maintains the same relative edge in efficiency over RV770. The fact is that not only did theoretical throughput on RV770 increase more than it did on GT200 but the die is tiny in comparison. So the overall perf/mm^2 and perf/watt advantage should shoot up in AMD's favor.