HyperCat :
Bad news, the 1070 wont drop in price when the 480 is released because why would Nvidia drop their price? the 480 cant even ccompete wih the 1070 so i think we will have to wait some months for Vega which will probably be able to compete with the 1070 so the price can drop.
Well ... Both 480 and 1070 are competing for 1080p gaming.
480 will do great 1080p gaming -> mostly over 60fps
1070 will do a slightly better 1080p gaming -> mostly (more than 480) over 60 fps.
Now, ask yourself. Are you ready to pay 200-250USD to get 85 fps instead of 70 in some game ?
So if you are a logical person, your answer is "no". There are might be other reasons to pick 1070 over 480, but as for 1080p gaming there are very few.
also 1070 not capable of 1440p gaming on highest settings over 60fos in every game.
So people will buy RX480. And nvidia will have to lower prices to 320-350$ for 1070 to be somewhat attractive and keep the sales level of this card.