It still has an inherent power phase design flaw, it lacks the necessarily vrms to drive voltage past the point of where heat would be the limiting factor.
The GTX 480 was $530+ card of yesteryear, it is the cream of the crop for GF100 cards. I would take it over a reference designed 570 ten times out of ten. If it was a power edition, and the OP had no desire to go SLI, then I'd have a different opinion. However having 1.25GB cards myself in SLI it doesn't matter how fast you clock it, a vram limitation will stop you cold. Modded (and even some unmodded) games from this year, as well as past years with high res textures will be vram limited on a 570. The 480 gives you an additional 250mb of vram, the TFIII cooler, and a stout vram design made for LN2 runs.
The TF III cooler will be the limiter of the 480 lighting, water cooling, phase change, LN2 will all improve its performance. While retaining its high vram and faster ram bus, it provides the greatest potential between the two cards in question by a fair margine. It does have its downsides, however... Like anything worth having, it has more upsides than down.