Overclocking (without increasing voltage) is a linear increase in hashes at the same hashes/J, but the overhead of CPU, motherboard, HDD remains the same, and the whole system becomes *more* efficient.
It is 12% less and at 14% lower clock. Saying you can overclock back to 7970 STOCK sppeds is kinda silly. Because you can overclock 7970 another 20%+ beyond that.
Now MH/$ it is much better because it is ~25% less STOCK performance however it is 40% lower price.
Stock, overclocked, underclocked, undervolted, overvolted, watercooled, oil cooled I would be suprised is it is more than 5% deviation from its paper specs relative to a 7970 IN THE SAME CONFIGURATION.
i.e.
overclocked 7970 vs overclocked 7950
watercooled 7970 vs watercooled 7950
undervolted 7970 vs undervolted 7950