Considering a GTX460 has a TDP of 160W why would power consumption scale nearly by a factor of 2x for two chips on one PCB? And that's IHV agnostic anyway, otherwise would a 5970 (despite it having reduced Cypress chips) end up with a significantly higher TDP than it has today
The GT200b/275@633MHz has a TDP of 219W, while the GTX295 (575MHz/chip) has a TDP of 289W. Give or take if I normalize those to the same frequencies I get an increase in power consumption of ~40% for the mGPU.
I'd even dare to say that a full GF104 at over 700MHz in a mGPU config could end up still under the 300W TDP ballpark.
The GTX 275/295 is a bad example, because the GTX 275 was a "dirty" part, just like the HD 5830: it was slower and drew more power than the GTX 285.
GTX 285: 648/1476/1242MHz with 512-bit bus => 204W
GTX 275: 633/1404/1134MHz with 448-bit bus => 219W
GTX 295: 576/1242/999MHz with 448-bit bus => 289W (dual)
So if you compare the GTX 295 to the GTX 285, then you have about ~11% lower GPU clocks, ~16% lower shader clocks, ~20% lower memory clocks, and a 12.5% smaller bus, and of course 12.5% fewer memory chips, for a ~42% increase in TDP.
Plus:
HD 5870: 850/1200MHz => 188W
HD 5970: 725/1000MHz => 294W
So about ~15% lower GPU clocks, ~17% lower memory clocks, and a ~56% increase in TDP. Another way to look at it is that the HD 5970 is a dual HD 5850 with the same clocks, a few more SPs enabled and almost double the power.
Basically, most of the efficiency you gain in dual-GPU parts comes from the reduced clocks, and of course the reduced voltage: the combined effect means higher efficiency per GPU, so you don't double the TDP. But what happens if you don't reduce the clocks?
This happens:
http://www.pcworld.fr/article/comparatif-cartes-graphiques/consommation/497961/
Look at the HD 4870 X2's power consumption: it's 167W higher than the HD 4870's. Taking the PSU's efficiency under account (Seasonic MD12 850, so about 88%) that's about 147W more, which is very close to the HD 4870's TDP. In other words, it almost doubles. And there's probably some amount of throttling on top of it.
So yeah, considering the GTX 460's TDP of 160W, I doubt NVIDIA could increase clock speeds while adding a second GPU and remaining within 300W.
If a full 104 dual chip config at higher frequencies could place itself somewhere between Cayman and Antilles performance-wise, then they'd obviously also adjust the MSRP right in between.
I'm not sure releasing a top-of-the-line, super-high-end dual-GPU card that fails to outperform your competitor's is a very wise move, from a marketing point of view. It doesn't provide any kind of halo, and if anything it's just a display of technical inferiority.