PSU is rated in DC watts. No PSU is 100% efficient so the AC load (what is measured at the wall) will be higher. You want the DC load to be about 60% to 80% of PSU rating for max efficiency (depends on the model some provide an efficiency curve).
I went w/ 3 x5970 because it was easier to rack. No need for custom rigs and extenders, and dual power supplies. I just used spare MB trays (w/ expansion slots) and racked em up 3 per MB. 15 total. There is no reason why 4x 5970 won't work you just will need to have custom rigs and extenders and possibly dual PSU.
I know I won't need 1500 watt per rig, but I also know these psu's are more efficient when not at full load. If I break down the rig to sell in the future, I will probably just put one 5970 in a rig and build around it a sweet gaming machine to sell. One 750 watt will be perfect for that.
I would still buy single core semprons. They are dirt cheap and don't use much power. If you want to repurpose the rigs later you could always buy a better gaming CPU.
I have 4 of this EXACT same rig. i bot the sea sonics before the sale. I use 2 psu because with a 1200 watt silverstone, you could not overclock the cards. it would run up to about 745, but higher then that is was unstable. so I go with 2 psus. 820/420 pulls 1190 watts at the wall. These sea sonics are really nice psus.
https://plus.google.com/u/0/photos/112408294399222065988/albums/5658727447810944545