MagicPants :
Those calculators tend to run a bit low. For instance it tells me a core i7 920 system with 285 sli needs just 585 watts but you can see it in the article a real system like that consuming 620 watts.
Measuring from the wall will always show more power going in than power coming out. PSUs don't convert 100% of AC power into 100% DC power. You get XX% DC power and the rest is waste and lost as heat. The Coolermaster 1100 UCP from you linked article is
80+ Silver. So at just over 50% of capacity at a load of 585w, you'll be running about 88% efficency. 620w AC x .88 efficiency = 545w DC being used. So the calculator is actually overstating by 40w what that system would need.
So if you only need 585w to run a pair of 285s on an OC'd i7 920, 700w will be more than enough for a pair of 5770s and still keep the PSU running in the most efficient range around 50% of capacity. Using the calc I linked, with an OC'd 1.45v CPU, 2x 7200 HDDs, 2x DVD burner, 2 extra fans, only came out to 374w. The OCZ 700w actually turns out to be a great fit for the planned system and has some headroom if you want to upgrade and push it a little harder in the future.