Tough one here, but I'll chime in.
I suppose the big question is, do you need to make an improvement right now? If so, the best single-card solution GPUs (I too can't stand the hassle of dual-card setups at times) available within the budget of the gift card are the GTX260 and HD4870. Both would offer excellent performance gains. A bit of review research into which would offer you more performance in specific titles you play should help determine which is better for you. The other option is to just wait, but for two different reasons.
Looking over these forums, there are quite a few people in similar situations, myself being one of them. (Find my "Dead 8800GT" post) To make things worse, there's mixed opinions on what to do - go for it cause they are better cards, or wait and see where prices go with the release of the 4890 (and eventually GTX270). Waiting to see if/how these new releases affect the pricing of current cards is short-term, meaning we shouldn't have to wait too long. Waiting til later in the year to replace the entire machine is long-term. Personally, I hate waiting. I've been tempted to just run out to Best Buy this last week I've spent with my dead 8800GT to just get something to stick in this thing so I can do more than just check email and read forums. LOL
One last thing to consider is power consumption. Many people don't really think about the energy expense of their PC long-term at all. Would a single-card like a GTX260 start saving you any money by replacing the dual-7950 setup? Would it also provide an increase in performance? Odds are the answer is yes to both questions. (4870s seem a bit on the power hungry side, so one of them might not.)
I really don't see any of the cards in the ~$130 to $200 range being "bottlenecked" by your system at all unless you play at lower resolutions. CPUs have a greater impact on graphics performance at lower resolutions, while at higher resolutions, the GPU has a far greater effect on framerates than the CPU does. And with a change to a single-card solution from a dual-card solution, the load on the system (CPU) might actually change for the better.
All things considered, unless you can't stand the performance limits of your present setup, I'd wait and replace the whole thing when you're able. Maybe a nice X-mas present to yourself, or something along those lines.