I think people are being a little too harsh on this architecture.
1. Its a new internal architecture revision so driver maturity won't quite be as easy to achieve on launch whereas the GF110 was effectively a stone skip from GF100. You can expect some significant improvements.
2. It comes with something completely new in Power Tune. No other graphics card has it and the benefits throughout their range are obvious. You can save power and reduce noise or you can extend the limits and overclock within even more safe boundaries. If you buy a non referrence 6970 you can overclock without having to worry about corner cases and with even more consistant temperature settings. It is also transparant unlike temperature throttling which can vary due to ambient temps and the game.
3. The price/performance look more than adequate. It is hard to call either over priced. Maybe people are too used to the idea that an AMD card ought to blow nVidia out of the water in price/performance?
4. The overall quality of the cards are higher, you can get a nice $300 6950 with a vapour chamber. It has much better accoustic properties and you get 2GB of RAM so you mod lovers out there can use the really really good texture packs and gloat that consoles only have 1/16th of your total video RAM.
5. Dave still saves!