Guru3D takes the new EVGA GeForce GTX465 (based on the Fermi Chipset) out for a spin and write up their results for us.  In short, they love the performance and noise levels, but find it difficult to justify at the current price point.  In particular, the overclocking potential is interesting:

So guys, there you have it. The GTX 465 is a nice enough card to play your games with. The overclock potential is really good, I mean we didn’t even voltage tweak this card. Then some of you (though we do not recommend it) even flashed a GTX 470 BIOS in these cards which in some cases seems to work fine. Heat levels are fine, noise levels are fine. Setup in SLI the scaling is really good, please check out an article on GTX 465 SLI performance right here.

They’re also careful to note that the base clock frequencies in the 465 are identical to the Radeon HD5830, which is available for a good 60 € less.   So if CUDA & PhysX are critical to you, this card is a winner.  Otherwise, you may want to shop around a bit more.

eVGA GeForce GTX 465 SC review.