I couldn't find after a quick search a review of 7770 CF compared directly to 7870; I could only find the 7950, and performance was pretty comparable. As the anandtech bench makes clear, the 7870 is about 2x as faster, which you can also see by comparing the specs of a 7770 to a 7870:
http://www.tomshardware.com/reviews/radeon-hd-7770-7750-benchmark,3135.html vs http://www.tomshardware.com/reviews/radeon-hd-7870-review-benchmark,3148.html. The 7870 basically IS just two 7770 glued together (look at stream processors, texture units, etc.). But then what do you lose by going for the CF configuration? Simple: memory bus width and memory quantity. The two 7770s will behave like they have 1GB of VRAM, plus they will only have a 128-bit memory bus. This will make a bigger difference at higher resolutions and higher AA settings, as well as in more modern games. So go for the 7870.