That's not what the results look like. Even OC GF104 stay well below the power draw of HD5870 (for instance here: http://ht4u.net/reviews/2010/zotac_geforce_gtx_460_amp/index12.php). By my guesstimate a 8 TPC GF104 running at 800/1600/1000Mhz would have quite a similar power draw to HD5870, while being slightly slower.But you shouldn't ignore power consumption and realated headroom in possible voltage adjustment. GTX460 at 700MHz consumes as much power as HD5870 at 850MHz. I think GF104 would hit the 225W limit sooner than performance level of mildly overclocked HD5870.
Will nVidia go beyond 225W with single-chip GF104? They had to be quite desperate to do that...