They will mine together. But the software required to use the 7970 will reduce the 5850's hash speed by about 10%. For a small single system/rig miner that's not a big deal. If you ever decide to go bigger, just keep in mind that it's best to keep the 7xxx series cards separate from the 5xxx & 6xxx cards.
Yes, as soon as I break even I will sell off my 5850 and add another 7970 on, just in time for the block halving.
I have three 5870s running with one 7970. Have to use sdk 2.6 for 7970 support.
Under 2.1, phoenix gave me an average of 425 for the 5870s. With 2.6, cgminer is working best for me, I get around 395 for each of them.
But I'm working on putting another rig together to put the 5870s back on their own 2.1 system.
M