At the immediate moment, most of Nvidia's lineup is beaten by AMD's lineup, in gaming, and the three cards remaining in Nvidia's lineup that are still viable are only competitive; so insofar as gaming is concerned, Nvidia ranges from about as good to vastly worse, depending on the card we're talking about.
In the sub-$200 lineup, Nvidia has nothing worth purchasing. The Geforce 550ti is nearly identical to the Radeon HD 5770/6770 in performance, and costs more money, and the 560 (non-TI) does no better against the 6870, being just about identical in performance, for $20-$25 more.
On the really high end, the 580 didn't even make sense even before the 7970 beat it handily for both performance and value, because even before the 7970, it was still only 10%-15% faster than the 570 and 6970, for a 40% higher price, which means it was a significantly performer for the price. You'll rarely ever have a difference that small make or break a game, or even be noticeable; we're talking getting 44-46fps instead of getting 40 with the cheaper two. If the 580 made little sense before, it makes no sense today, with the 7970 having a much higher gap in performance over the 580 than price.
So that leaves the 560ti, 560ti Core448, and 570, and the 560ti is usually only faster than the 6950 in cases where it doesn't matter (where both are overkill), while it tends to lose in the the real chunky games where the difference is meaningful, so it's questionable as to whether the 560ti is even worthwhile. So you have a total Nvidia lineup of two viable cards, or maybe very questionably three, while AMD equal cards to those cards, and has better cards for rest of the market.
In the mobile sector, it gets even worse for Nvidia. There are rare cases like the mobile 6970, where AMD doesn't generally beat Nvidia, but in generaly, nearly every single one of their discrete GPUs don't just have lower TDP than Nvidia's cards, but have much lower TDP. That matters a somewhat less on desktops, but it's a crucial factor in laptops, because higher TDP means lower battery life, more heat (which hurts both component longevity, something already bad in laptops, and ergonomics), and makes the machine heavier by requiring beefier cooling.
AMD cards also handle their TDP better because of powertune, something Nvidia has absolutely no equivalent to. Powertune differs from other methods of power regulation, because rather than just running the card at full bore until it gets too hot and then grossly overclocking it, powertune makes many scalable adjustments based on actual power draw, so if your power draw goes 10% over what's healthy on an Nvidia card, the card will wait until the GPU hits some unreasonable temperature, then slash your clocks by some absurd amount in a panic to cool the card down (and let's not even get into Nvidia power circuitry, which was FRYING on the first batch of 590s in reviews). If that happens to an AMD card, the card will dynamically underclock the card by exactly 10%, for only as long as is needed, and you won't likely even notice. Again, this matters most on the mobile market... though it might have saved reviewers a few busted 590s had Nvidia implemented something similar

If Nvidia wasn't loosing bad enough in the mobile sector to AMD's discrete cards, then AMD has Liano to plaster them with too. Liano has all the advantages of a discrete card, and none of the disadvantages. It's actually faster than most low-mid discrete GPUs, but it doesn't consume absurd amounts of power to operate, so it keeps battery life high (without the need for a convoluted, half-functional switching-GPU system).
So right now, insofar as gaming is concerned, Nvidia has only a couple of cards that are even competitive, none of them mobile, has no cards that are better than their AMD equivalents, and by far the vast majority of their lineup is inferior in terms of performance/price.
I'm sure at some point, Nvidia will have AMD in a similar situation, as it goes back and forth, but that day is not today

Also note that this does not count for GPGPU, where Nvidia handly beats AMD, or at least did until the 7970 was released. I won't comment on that, however, until it plays out more, since the 7000 series is very new and we haven't seen what Kepler will do when it's released... someday.