Looking at the advantages, the 7800xt has:

1. 10% lower price

2. 4 more gigs of vram

3. 6% better raster performance.

The 4070 has:

1. Better frame gen

2. Better upscaling via dlss

3. Better drivers

4. Better rt performance

5. CUDA for the few people that actually need it.

6. Better power efficiency.

7. The ability to use both dlss and fsr. If a game just has dlss, amd users are screwed.

All in all I think the AMD card is still the underdog based in advantages and needs to be at least 15% cheaper in order to sway buyers to team red. For just a $50 price difference, the team green advantages are too stacked imo.

Edit: this is of course in the US market. Every market is different.