pbm86 :
EVGA 430 provides 34A on the 12V rail. That is 406W. If I am not mistaken 480 needs about 250W. The Anandtech test uses Intel Core i7-920. For that of course 400W are not enough. But if you are using a more efficient system 34A should be enough.
This is a terrible Idea, but if you are willing to bet his machine on it I digress.
I've run crossfire 7850's on a 430 watt psu and it was totally fine. Would I tell someone else to do it? No it's a bad idea. That doesn't mean it can not be done.
344 watts is what you are looking at for proper function of this psu to avoid degrading capacity and longevity.
You will be hard pressed to run any system with gtx 480 on that amount of power.