yea it clearly won't be a HD 7970 lol.
Probable closer to a HD 8770 in the end, I am sure the chips that will be in final hardware have been in parallel development with GCN at AMD each in their own black box teams. but they will both likely be finalised some time next year giving them time to roll in some improvements from the main dev team at AMD have been working on for 8XX0, as well as what ever custom tweaks they have been cooking up with the respective R&D teams at Sony and MS.
Naturally they will need to be conservative with die area and heat so it won't be a top end card, but it should be the latest tech available at the time of launch. They won't go for a generation past whatever the current PC hardware is like MS did last time tho.
@TheVoxelman on twitter