actually, if you google 6970 reviews, you will see 6970s require quite a bit under 300 watts.
example:
http://www.bit-tech.net/hardware/graphics/2010/12/15/ati-radeon-hd-6970-review/10
You will see the *entire system* only draws 306watts at the wall under load. Assume a 90% efficient PSU and you can figure out that CPU+memory+HD+etc+6970 is only 275 watts. If you assume 220watts for the 6970, that still leaves only 55watts for the cpu+memory+etc.
Also, make sure you do PSU reviews before purchasing.
http://www.hardwaresecrets.com/ has some excellent reviews as the author has a background in electrical engineering.
example, my 750 PSU has 4 rails. The reviewer was able to get each rail up to 400 watts, which was the max their tester could handle for a single input. It more than likely was able to handle more power, but they were unable to test that. Even at that huge draw for a single rail on a 750watt psu, the power coming out had virtually no voltage ripple to it. They were able to get a 920watt load on the PSU before the over-current protector shutdown the unit. Even at 920watts, the 750 unit was not only still maintaining voltage, but it was only 2% over the rated voltages, eg 12v rail ~12.2v, and the voltage output was still smooth. Quote: "practically non-existent ripple and noise"
I effectively bought a 750 PSU that can not only burst, but sustain 900watts with no indication of over-load by looking at smoothness/noise of power provided by the capacitors or the temperature of the unit. Based on the parts in the unit, they estimated about a 1500watt max theoretical output.
You can't judge a PSU by its sticker.
Just say'n