Actually, as the owner of a pair of 4850's, I still get better performance out of GPU clock increases than MEM clock increases.
My ram will do almost 1150Mhz (up from the stock 1000-ish) if I leave the GPU clock at stock. OR if I leave the mem stock, the GPU will do right at 700Mhz (up from the stock 625.
Performance in all the games I play (Oblivion, Fallout 3, FC2, HL2, Crysis, World at War, the various GTA's, etc) all perform measurably and notably better with the extra GPU clock.
Realistically, the 4870 has what, twice the memory bandwidth? But what's the actual speed increase from a 4850 to a 4870?