To be honest, I'd be careful with the insults. As much as the 7770 seems so pointless right now (really, is there ANY reason to pick a 7770 over a 6850 for gaming?), it's really teetering on the edge of requiring no PCI-e power cable. I will bet a non-reference design will kill off that PCI-e power cable slot and then you'll end up with the most powerful card under a 75w TDP, which is a big deal. Personally, they should have dodged the whole "lol lokk 1ghz card so cool!" and focused on making it just a tad weaker for this exact purpose (and a tad cheaper).
The 7750 is the card to admire at the moment - the amount of strength in such a tiny TDP is amazing at this point in time. It's definitely going to kill if it hits the 70-90 price point, and it's going to kill hard as the new "card to actually get into PC gaming" that'll fit/work pretty much anywhere (low profile? low tdp? no PCI-e slot? HTPC?). It'll probably be cheap, plentiful, and will probably hold that "niche" slot until a modified 7770 takes it over eventually. This'll really translate well into mobile chips.
Hell, considering how conservative some of the hardware is on these cards despite how much power they truly pack, I only have higher hopes for the 7800 series; these cards are definitely more efficient than the 5/6700 series and I bet similar developments will transfer over to the 7800 series.
It's obvious the price margins are really obnoxious at this time, however. These prices are silly, but others have posted potential reasons for that, so I just accept it as a "launch price" and not what it'll represent in the market in a few months.
I'd love to see what NVIDIA has to combat these - if anything. Their high-end game is great, but their low-end game is pretty... bad.