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Quality of PSU would come into it also methinks, you could probably get away with a lower power psu if it's a good quality make/build/whatever.
Running an Athlon 4200 w/ Nvidia 7950 GT, not the highest spec or most power draining of components but they run just fine on my 350w shuttle psu (thought it was 250 but closer inspection of website says otherwise).
With some manufacturers moving to smaller processes (65/45nm) too the power shouldn't really spike that much i'd have thought, GPUs will be using smaller processes too.
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