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How competative is the R9 Nano graphics card at the new price point?

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Oct 16, 2011
New England
Hey OC'ers,

After hearing about the news that the nano will receive a substantial price cut today, $649 down to $499, where does it put it in terms of being a contender for price vs performance? Also in what environments does the r9 nano stand out as being a better option?
From what I've read in reviews yes it is a fury x in a smaller 6 inch length form with slight underclocks in comparisons I've found.