The only difference performance wise for single GFX card I see is the "NVIDIA LinkBoost™ technology". From what I could find on NVIDIA cite, it probably means over clocking PCIe bus when NVIDIA GFX card is using.
What I am not sure though, is if the mobo manufacturer has to enable it. Can anyone confirm/deny that? Also, has anyone used this LinkBoost thingy?
Linkboost can be enabled or disabled in the bios. If enabled, the feature automatically overclocks the PCIe frequency 25% if it detects an 8800 card in the slot. I experimented with the feature on a couple of Asus boards (regular P5N32-E SLI and the Plus edition) and found the feature to be worthless. At least in my experience, Linkboost provided no improvement in 3D performance as measured by 3DMark, and drastically reduced stability of the board when overclocking. It will also ramp up your southbridge voltages over 1.7 if you have that on auto, generating a lot of heat).
In short, if your board comes with Linkboost, I would recommend turning it off.
Also, Linkboost is suspect #1 for why some people have been experiencing audio static/hissing/buzzing on 680i. The hypothosis is it over-saturates PCI bandwidth.
Regarding the original question, I'd go with 650i. The only advantages of 680i worth mentioning are the 3 PCI-e slots and 16X while running SLI. For the moment, it's been demonstrated that 16X in SLI over 8X is minimal-none. Also, I consider myself a power-user and think it's highly unlikely I will be using the third PCI-e slot anytime soon - more likely I will build a new rig before then, and even then physics processors/3rd video cards may not be needed. If 650i had been out 3 months ago, I would have bought that and saved $100.
As far as OC-ing, I have a feeling that 650i and 680i will be clocking the same once BIOS has matured. As of now, they are nearly equal, but 680i has a 25 - 35mhz FSB edge.