I would argue not by that much though (for a full chip with "reasonable" achievable clocks - 5870 doesn't really overclock too much without additional voltage which makes power draw much worse). Of course, if nvidia could produce a full chip in quantity is another question (I have no idea really).
So if GF104 is 10% bigger and 10% slower basically, that wouldn't be too bad. I would say definitely better than any gt2xx comparisons against rv7xx. Though I suspect GF106 against Juniper will look worse again for nvidia (I still think Cypress didn't scale too well compared to Juniper).
On the other hand and if memory serves, GT200b was a bit better than RV770 in perf/W, while GF104 is a bit worse than Cypress, as the GTX 460 1GB draws 10 to 20W more than the HD 5850 while being a good bit slower.
I wonder how things would look with a full GF104 at 1500MHz or so, compared to the HD 5870.