Ever since the GTX 470, I have only ever bought AMD cards due to their value proposition. And before this card I had the RX 6700 XT (which I kept, and put in another system of ours). I was debating getting the RX 7900 XT and could have afforded to do so.
In the end I chose the RTX 4070, and although the RX 7900 XT has 15-30% more rasterization performance, it does so at 50% more power and 33% higher price. That price does include more RAM, but since I don't game at 4K ( I think it unnecessary, 1440p is enough quality for me) and I don't play games on maxed out quality modes, I don't need that much RAM.
The difference in performance is more than made up by DLSS (2, not 3, I still haven't had the chance to try frame gen). The quality of DLSS Quality is 90 to 95% as good as non upscaled quality, which in a fast paced game is enough for me. And in non fast paced games, or single player games, that would be better of without DLSS, the card itself has enough performance to run those too. According to tomshardware's "Nvidia GeForce RTX 4070 Review" under the section "GeForce RTX 4070: DLSS 2, DLSS3, and FSR 2 Upscaling", DLSS2 is on average 44% faster than non upscaled image.
You might say that the RX 7900 XT could also have more performance with FSR 2. But I used to have the RX 6700 XT, and FSR 2 is leagues behind DLSS in terms of quality. Hardware Unboxed recently did an analysis of DLSS 2 vs FSR 2 and another video comparing DLSS 2 to Native quality. In 1440p (which is what I use) DLSS was always a better quality than FSR 2 was and in 4K FSR 2 was only able to tie with DLSS in 5 titles out of 26, there were no titles that FSR 2 was better than DLSS. When compared to Native, DLSS 2 Quality traded blows with Native resolution. In 1440p, DLSS Quality was either tied or offered better quality than native for 15 out of the 24 games tested. And in 4K, DLLS Quality was either tied or better in 14 out of the 24 games tested.
I did a lot of research before making my mind and buying the RTX 4070 over the RX 7900 XT, and also over last generation offerings. The RTX 4070 offers an RTX 3080 level performance at a significantly lower price, plus it has frame generation (which I have yet to test). And when looked at against the RX 6950 XT, it only requires a 650 watt power supply (I have a 750 watt power supply), and the RX 6950 XT needs a 850 watt power supply (so would have needed to upgrade my power supply as well).
After much consideration, I went with the RTX 4070. I've had this model for 6 weeks (and 2 days). I am very happy with it. It has been running amazing and often times doesn't make any noise, even when playing games. I am very happy with this purchase. Would it have been better value at $500, definitely, but still really good value at $400.
I hope my analysis has helped someone else looking to buy a new graphics card as well.