I'd think the GPU most likely is not hitting the TDP or anything. It most likely has a TPD of ~30W and uses 15-20W or so during normal gaming. Only things like futuremark or GPU burn tests can actually hit the TPD.
Yes, I was using a 25w TDP, like the r700 embedded e4690, which IIRC is also 320sp but clocked at 600mhz. As you say, the gpu is not likely using its TDP rating, just like every other card on the wiki page people are getting performance numbers from. 7gflops per watt TDP is lower than you would expect from an embedded r700 design, especially since the one that does exist is ~16gflops per watt.