Yes, just one card. It bests my single GTX score by a good margin. About 1000 points. The core clocks really help.
One item you will notice, however, is that SM 2.0 is much better than SM 3.0 performance. The GTX/Ultra is the other way around. So, in DX10 apps, the GT will not do as well. But, since most current games are DX9 and there are few DX10 games, most people will see very good real world results.