This is probably one of the best hash/$ deals out there, at 2.54. The cheapest 7950, assuming a 630 hash rate, is 2.1.
Every PCIe slot has a cost, 7850s are the lowest card I could argue for getting since you can stick 6 of them in a rig without having to either undervolt your cards or get 1500W for 6x7950s.
Anyway, if what you say is true, then pretty much any GPU mining will be unprofitable at this point (at least for bitcoin).
It is true already, unless price goes up (should have bought BTC in that case instead) or no more asics comes online (hah)