I don't think so, it's only 15% slower than HD 4890 in Vantage (in 3Dmark 06 all are almost the same), it's a midrange card, and it's very efficient...
If you compare the Vantage result with the TDP, you will see:
4770 - 8714 / 108W = 80,7 3Dmarks/W
4890 - 10327 / 190W = 54,4 3Dmarks/W...