I got mine and it's running nicely even when the core temperature reached 115C after an hour of gaming at its default overclocked frequencies and standard voltage. The small fins sticking out from the rear of the card get really hot so the cooler is doing its thing. The openness of my Stacker 810 case probably leads to there being very little air flowing through the cards rear vent, as air has plenty of other places to enter from. I might put a fan over the card area if I can find an old frame I've got, but the temps don't worry me since there's no sign of artifacting even in a game like FarCry 2.
I lowered the GPU voltage one notch with ATI Tray Tools with full 3D clocks as well as lowered the memory clock and GPU voltage for a 2D/video mode which saves a few watts. Gigabyte has their Gamer HUD software that does about the same thing without any need for configuration, but I prefer tinkering with the tray tool and then maybe modify the BIOS with proven settings.
Though for the moment it seems that the card cannot be tweaked much more to lower the power draw. At 500/500 low load clocks the card draws about 20W more than my 3870 at "idle", which I can live with. I ran my 3870 at 300/300 but using less than 500/500 here makes some AVIVO video settings crap up, which may perhaps be improved in a future driver.
The card is a beauty with the blue PCB.
I had this card, like yours it reached 110.c+ under load. the card throttles its self back to 500 mhz at 107.c so this basicaly means the card is over heating and trying to save itself by underclocking to what should be the idle/2d clocks.
not a good card if you ask me... especialy if your airflow is not brill like mine, i have a 600 rpm 12cm fan at rear, the 12cm fan in the seasonic s12 (both blowing out) and a 12cm noctua intake at 500rpm.
with the adition of a slow 80mm noctua strapped to the card, temps went down to 80.c under load and the card no longer throttled back to 500mhz when gaming.
that one has now failed and been RMA'd. i am now awaiting replacement, overall it seems like if you have airflow typical of an spcr-er
you should be careful when using this "passive" card... i recomend an accelero s1 and a cheaper, reference 512mb model, togethor they cost a bit less and you card will be cooled better. the accelero s.1 that cooled my old hd3850 in the same case/fan set up to 55.c under load with no fan. granted the 3850 uses~20w less than the 4850 but you can still see the huge difference in cooling power