teukon,
Wow, you've got me beat big-time. I'm hashing at a similar rate with two 5850s (not the extreme version), but pulling a little under 400 watts from the wall (measured with Kill A Watt). Since you aren't booting from usb, I assume you have tried disabling legacy usb support? I've read that this is a bit power hungry (but of course don't do this if you use a usb keyboard for accessing bios). Also, if you happen to be using a usb wireless card, I discovered by accident that switching to an ethernet connection to my modem dropped power consumption by about 5 watts (and the wireless card is still plugged in). Did you see the biggest drops from undervolting the CPU and GPUs? I have an Athlon II 250 Regor CPU and my PSU is about 5% less efficient than yours - that is probably around +40 watts right there. Still, given what you have achieved, I ought to be able to get down to around 350 from the wall while staying above 700 Mh/s, which would be good enough for me.
I have no idea but I've been told that my chip is very efficient so that must help a lot.
I think the bulk of my power saving may come from running the cards at low voltages. At stock voltages I was using quite a bit more than 400W but with a 0.1V undervolt (1.0875V -> 0.9875V) on both cards 304W is my average draw. Unfortunately, I had to lower the clocks on the cores to get stability back; 975MHz -> 845MHz and 1020MHz -> 895MHz respectively. I was running at 850 and 895 but my 850 card crashed after 36 hours. What voltages are your cards at?
I haven't disabled USB in the BIOS despite the fact that I have no USB in use. I have no SATA, sound, firewire in use either but I left them on in the BIOS because I didn't see a difference in the power draw between enabling them and disabling them (I only checked power consumption in the BIOS though). All I changed in the BIOS was the CPU voltage, CPU and RAM clocks, and I set the motherboard to be always switched on. Given all the people talking about tweaking the BIOS I think I'm going to have to go back and have a proper look at this.
I also keep thinking about the possibility of doing away with the hard-drive but there's a fair bit of work involved in unhooking this for what amounts to 83p (1.34 USD) per month.