http://www.anandtech.com/show/5458/the-radeon-hd-7970-reprise-pcie-bandwidth-overclocking-and-msaa

At the high end the results are not surprising. In our informal testing ahead of the 7970 launch we didn’t see any differences between PCIe 2 and PCIe 3 worth noting, and our formal testing backs this up. Under gaming there is absolutely no appreciable difference in performance between PCIe 3 x16 (16GB/sec) and PCIe 2 (8GB/sec). Nor was there any difference between PCIe 3 x8 (8GB/sec) and the other aforementioned bandwidth configurations.

Going forward, for Ivy Bridge owners this will be good news. Even with only 16 PCIe 3 lanes available from the CPU, there should be no performance penalty from utilizing x8 configurations in order to enable CrossFire or other uses that would rob a 7970 of 8 lanes. But how about existing Sandy Bridge systems that can only support PCIe 2? As it turns out things aren’t quite as good.

Moving from PCIe 2 x16 (8GB/sec) to PCIe 2 x8 (4GB/sec) does incur a generally small penalty on the 7970. However like most tests this is entirely dependent on the game itself. With games like Metro 2033 the difference is non-existent, while Battlefield 3 and Crysis only lose 2-3%, and DiRT3 suffers the most, losing 14% of its performance. DiRT3’s minimum framerates look even worse, dropping by 19%. As DiRT3 is one of our higher performing games in the first place the real world difference is not going to be that great – it’s still well above 60fps at all times – but it’s clear that in the wrong situation only having 4GB/sec of PCIe bandwidth can bottleneck a 7970.

Finally if we take one further step to PCIe 3 x2 (2GB/sec), we see performance continue to drop on a game-by-game basis. Crysis, Metro, Civilization V, and Battlefield 3 still hold rather steady, having lost less than 5% of their performance versus PCIe 3 x16, but DiRT 3 continues to fall, while Total War: Shogun and Portal 2 begin to buckle. At these speeds DiRT3 is only 72% of its original performance, while Shogun and Portal 2 are at 81% and 92% respectively.

Ultimately what is clear is that 8GB/sec of bandwidth, either in the form of PCIe 2 x16 or PCIe 3 x8, will be necessary to completely feed the 7970. 16GB/sec (PCIe 3 x16) appears to be overkill for a single card at this time, and 4GB/sec or 2GB/sec will bottleneck the 7970 depending on the game. The good news is that even at 2GB/sec the bottlenecking is rather limited, and based on our selection of benchmarks it looks like a handful of games will be bottlenecked. Still, there’s a good argument here that 7970CF owners are going to want a PCIe 3 system to avoid bottlenecking their cards – in fact this may be the greatest benefit of PCIe 3 right now, as it should provide enough bandwidth to make an x8/x8 configuration every bit as fast as an x16/x16 configuration, allowing for maximum GPU performance with Intel’s mainstream CPUs.

All things considered, outside of warranty restrictions there seems to be very little reason not to overclock the 7970 on its default voltage. Even a conservative overclock of 1050MHz would add 13% to the core clocks (and as a result performance in virtually all GPU-limited scenarios), which is a big enough leap in performance to justify spending the time setting up and testing the overclock. By not raising the core voltage there’s effectively no power/noise tradeoff and this seems to be achievable by virtually every 7970, making this a freebie overclock the likes of which we’re more accustomed to seeing on high-end CPUs than we are high-end GPUs.