850W would be overkill for one GPU. There wouldn't be any 'distinct advantage' to getting that unit. Furthermore, what's more important than the total combined wattage of the unit is the amperage on the +12v rail, which is where the graphics card, the bulk of your system's power draw, will come from. According to Game-Debate and AMD, the Radeon HD 7970 needs 500W total and 40A on the +12v rail. The XFX XTR 550W has a total combined wattage of 550W, and it has 45A on a single +12v rail. It would seem that it is just right.
Like Tchota said, your system will run fine on it, as long as you're not plugging in 9001 peripherals/add-in hardware.
The downside is, the XFX unit will only be able to hold up one GPU, so if you plan on doing Crossfire in the future, you wouldn't be able to with that unit. That is because the wattage/amperage would not be enough for more than one card, and the unit's limited amount of PCI-E connectors (it only has two 6+2-pins, which is only enough for one high-end GPU).