Because the rumor is, the 512SP part is supposed to have 200+ mhz higher core clocks(if that is true) over the 448SP part. Not to mention 48ROPs vs 40 and 384bit bus over 320.
Not really, because this is the GTX 470. The GTX480 would be a 448 part with higher clocks and 48 ROPs. So the difference between the 448 and the 512 chip is only 14,2%.