APU's are light years away from rv770 level perf. Let alone a modern ~250mm2 discrete GPU.
Im not suggesting that APU's are going to catch up to upper mid range or high end GPU's, in fact i said nothing of the sort. I just said i dont expect AMD's next high end GPU to be the size of RV770. My point was rather that the gap between the next gen APU's and the next gen mid-range GPU's will grow. There wont be any more low end GPU's (which of course is a known fact), and that i expect a three chip lineup going forward with ~150,250 and 350 mm2 die sizes.
And about light years away, well i expect a 22nm Fusion with GCN could get quite close to RV770 (mem b/w might be a limiting factor though, maybe they'll go triple channel to solve that problem). And we should see it in about two years time, say mid 2013.