Graphics Card Performance same as old?

Try running driversweeper to clean out remnants of the old video drivers, and install the latest drivers from AMD for your card. If the old drivers didn't get properly removed your machine may still think it has a 5770, and your 6850 isn't running at full performance.

Your CPU shouldn't cause a bottleneck for a 6850 so unless your CPU is underclocked or is running in some sort of power saving mode, that shouldn't be the problem.

What is your screen resolution, if you are running at a low resolution, like 1280x1024, it's possible that you simply won't benefit from a GPU upgrade for most games. At lower resolutions game performance is influenced more by the CPU rather than graphics card, as the GPU has less work to do.

Power supply might be an issue, if it isn't providing enough power, but if that were the case you would probably be getting shutdowns when the GPU was running under load. The 6850 doesn't consume that much more power than a 5770, I think it's only roughly an extra 20 watts or so, even though the Ultra PSUs tend to be overrated, it should still be enough to run a 6850.

i wouldn't be worried about that power supply at all

I am thinking driver issue as well, but also I don't know if the games try to "optimize" themselves for the video card, did any of the settings change such as resolution, etc?

perhaps try running the afterburner suite and the benchmark built in on there, that may narrow it down for you

After a little (A LOT) research, I found out that the game was the problem itself. I read most people have issues trying to get it to run 30FPS but I guess I shouldn't be complaining about 54FPS. Also I got a Newer game from Codemasters (Dirt 3) and did the benchmarking. It ended up getting 61FPS AVG. So naturally I assume it's F1 2010 that's the problem.