That's nowhere impressive considering 32nm HKMG and SOI above that.
480Flops is simply just 480SP (that was supposed Llano will feature) x 500MHz on RV770/Evergreen 5D architecture. If it would be 770GFlops it would be far more reasonable considering advanced processing node and time frame when it will be released.
In comparison Redwood @775MHz aka. HD5670 has 620GFlops peak and it's bulk 40nm TSMC carry own memory and pwm has max TDP of 64W. So i'd bet that 30W for 800MHz Llano wouldn't be something unreachable
500 Gigaflops not impressive? 4 years ago those 500 Gigaflops where selling for 400$ and 200 W of TDP .. now they are packed in a CPU!
With this pace, a late 2013 APU may have a GPU with performance close to Cypress