If it gets released at $400 that is £260. I'd expect a markup to about £300. Perforamnce should be about on par with a GTX 580. Nice.
Expect prices to be noticably higher than £300 at launch. My assumption is anything between £325 and £375 with the vast majority nestling in the £340-£360 range. This would make it on average £100 less than the average price of the HD7970 (£440-460) which seems about right.
If you grab it the morning of release you'll get much closer to RRP. The 7970's were all well under £500 on plenty of sites for the first morning, then everything has shot up to £500 for the cheapest, with only the more expensive in stock right now. If the reviews come out in plenty of time for me to decide if i want a 7950 and the price is around £300 ill jump on it straight away.
As I said in the Bit article discussion thread, if this card is actually available for $400-$420 it'll be a great buy but for $450 it's not nearly as exciting and sadly this seems to be the more likely price point.