Yes, it is. Just take a look at past generations, it's extremely rare that one is so much ahead of the other
Rare doesn't equal impossible though. At worst we'll see history repeat itself as we've seen multiple times since GT200; at best that rather boring string could somewhat break this time.
If you look at the speculated GK104 specifications some parts of those imply quite high differences compared to even GF110, while GK104 obviously according to those will lack in terms of ROPs, bandwidth and possible per FLOP efficiency against the latter. Else the net result could easily be at least equal to the GF110 if not slighly higher, yet of course nowhere near the increase some parts of the chip could imply.
All the above true the GK104 would hypothetically end up on average about 40-50% (always depending on the set of benchmarks used where you can always yield lower or higher persentages) faster than the GF114 and that's really not any sort of "uber-achievement" as some of you make it sound.
As for Tahiti vs. Cayman, the first obviously has quite a bit more bandwidth yet the amount of ROPs is the same. One thing I've noticed so far is that the difference between the two is smaller with 8xMSAA than with 4xMSAA:
http://www.computerbase.de/artikel/...adeon-hd-7970/10/#abschnitt_leistung_mit_aaaf
1920*1200
4xAA
7970 = 6970+36%
8xAA
7970 = 6970+26%
2560*1600
4xAA
7970 = 6970+42%
8xAA
7970 = 6970+31%