Um, no it isn't. Unless you happen to have some magic numbers?
dual gpu cards have the least overhead consumption/cost. you need less mainboards, less ram, less cpus, etc. so if you could get a dual-gpu card for just a little bit more than 2 single-gpu cards, go for the dual-gpu ones. i'm not too sure how well 6 dual-gpu cards fare in a single setup, though.
These numbers are from june when I was spec'ing out system builds. I suppose the cost comparison to mhash depends on what you can get parts for, but this is from newegg. "base" is the cost of the MB+CPU+MEM+CASE+PSU.
• Base $411: 4x 5779 GPU (200mh/e) @ $130/ea. PSU: 800 watts. capacity: 800 Mhash/s. Total cost per box: $931. Hash performance per box/$: 0.859mh/$1
• Base $411: 3x 6870 GPU (280mh/e) @ $170/ea, PSU: 800 watts. capacity: 840 Mhash/s . Total cost per box: $921. Hash performance per box/$: 0.912mh/$1
• Base $366: 2x 6870 GPU (280mh/e) @ $170/ea, PSU: 800 watts. capacity: 560 Mhash/s. Total cost per box: $706. Hash performance per box/$: 0.797mh/$1
• Base $467: 2x 6990 GPU (700mh/e) @ $700/ea, PSU: 1200 watts. capacity: 1400 Mhash/s. Total cost per box: $1867. Hash performance per box/$: 0.749mh/$1
• Base $687: 3x 6990 GPU (700mh/e) @ $700/ea, PSU: 1200 watts. capacity: 2100 Mhash/s. Total cost per box: $2787. Hash performance per box/$: 0.753mh/$1
• Base $411: 3x 6950 GPU (350mh/e) @ $260/ea, PSU: 800 watts. capacity: 1050 Mhash/s . Total cost per box: $1188. Hash performance per box/$: 0.883mh/$1
let's assume a stock 6990 consumes 350W (and does 750mh/s, not 700) and a stock 5770 consumes 105W. at a base consumption of 50W, your 4x 5770 system draws 470W and does 800mh/s. a 3x6990 system draws 1100W and does 2250mh/s.
1.7mh/s per W vs. 2.05mh/s per W. that's 20% in favor of the 6990s at this point.
let's say you want to build a 14.3kW (random, good numbers) farm. your PSUs are at 85% efficiency. that's 550W for each 5770 rig and 1300W for each 6990 rig. so you can supply 11 6990-rigs or 26 5770-rigs with electricity. let's assume space and cooling is free. alright. using your numbers 11 6990-rigs cost ~$31k, 26 5770-rigs cost ~$24k. since you're buying so many, let's say you get a 20% discount. $24.5k vs. $19.3k.
24.75gh/s@6990 vs. 20.8gh/s@5770. you have to accumulate $5.2k with your 6990s to break even with the 5770s. you generate 4gh/s delta. these 4gh/s cost absolutely zero electricity (that's because the 6990s are just more efficient than the 5770s). now the usual part: if btc value stays at $13 and difficulty won't increase more than 7% per cycle(*), it will take you about 300 days to break even. after these 300 days you have free 4gh/s.
i totally regret doing these calculations because the last part always sucks. you might be right - going for 5770s might be better. it takes too much time before mh/s per W come into play. go for mh/s per $! (keep in mind you can do the same calculations for less than 14.3kW. the 300 day-thing won't change, though, because cost, consumption etc are constant values).
(*) i highly doubt it's gonna stay at this rate. this is "my" worst-case-scenario because i'm almost certain it won't climb any higher. i won't assume it's going down, either, though, to satisfy some people's belief that bitcoins have a future etc.