Seems to depend on the game a bit, Mobility 6970 seems to be winning it in some games, while losing in others. It's rated at 75W
Yeah, the the cpu´s seem also to be different in some benchmarks (485M coupled with faster Sandy Bridge), so I think its fair to say they perform similar, but the 6970M is rated between 75 and 100 Watt. So I think it is the better GPU in perf/watt.
The 6970M is a downclocked 6850, this makes it 1,7 Billion Transistors. The 485M on the other hand is a downclocked GTX 560 with 1,92 Billion Transistors. AMD has a big lead in perf/watt and perf/mm right now. I am excited to see if Nvidia can improve with Kepler in these regards as promised with their gpu roadmap.
On 28nm their should be chips in the same TDP range with the performance equivalent to the gtx 580. 28nm High-K Metal-Gate process is said to have a less leakage than 40G, so I hope power draw improves more than the usual 30% with the next node.