JamesSneed :
Thats like saying it is dumb for Intel to clock the I5-2500K as low as they do since it has so much headroom but they have almost no competition so they can. AMD clocked low because they beat Nvidia to the punch and thought that the 7970 would be on the high ground much longer. The simply underestimated Nvidia's schedule. Its not the end of the world as AMD can lower prices and make a profit due to the small die size. Due to this I suspect we will see a 7980 which will have higher clocks.
No, it's not like that. For the CPU, it must fit into a specific power usage tier at stock clocks and performance or it needs to have a different TDP. The i5-2500K is not a product intended to be bought if you won't overclock. That is what the 2500, 2400, etc are for. There is little reason to increase the 2500K's stock clock frequency if the buyer is supposed to overclock it themselves. Besides that, for the people who overclock through the Turbo Core only, they would want the stock clock to be low to save power when performance is not important.
In fact, your reference to the 2500K was completely flawed. A lot of 7970 buyers probably have little to no intention to overclock or at least not to overclock their 7970(s) very much. The 7970 isn't sold with the intended purpose to be overclocked and it wasn't made with that purpose in mind. Overclocking for it is an option, but not what it wasn't specifically made for it like the 2500K and the other K edition CPUs.
If AMD underestimated Nvidia's managing to be only two months later than AMD, then there's a problem there too. AMD shouldn't have thought that Nvidia wouldn't make something to beat the 7970 ASAP. Also, the GK104 is smaller than the Tahiti, so it's obvious that they don't have the smaller die size this time. If we have a 7980, then it had better have the full compliment of shaders in the Tahiti, 2304, not just higher clocks. Won't make much of a difference, but it's at least a small difference. Even then, it would be hard pressed to top the GTX 680 even with say 1200MHz GPU clocks.
With the way that AMD has the GCN Radeons, the 7870 and 7950 are almost identical in performance at reference clock frequencies. Basically, by buying the 7950, all you get is another GB of memory (2GB is enough for any resolution in gaming with about 4MP and less, basically 2560x1600 and less) and more overclocking headroom. It's only worth the more money if you overclock the 7950 greatly and unless the new Catalyst finally allows the 7900 cards to go above a 1125MHz GPU clock frequency properly, that's a no-go without losing features.