I still have the second HD 4870 X2 sitting here as I'm still waiting on my new PSU. Hopefully it works as well as the first and I can get Tri-fire working again. I had the 4850 clocked up to the X2's clock speed and I don't think the memory was that much of a bottleneck (It works fine at 2200MHz). It was definitely faster than the single HD 4870 X2, that's for sure. And I was only running CF in 16x + 4x mode.
EDIT: Sold the first for 345 euros. Bought it for 30.