Surprisingly, the box art for the Vapor-X does not include a scantily clad woman with either guns or a huge sword.  Instead, the Vapor-X features an Antarctic scene, complete with local wildlife, perhaps as an attempt to convey the "cool" nature of the Vapor-X's Vapor Chamber. 

The back of the box shows off the features of the HD4850, including its Vapor-X cooling, native HDMI support, Dual-Link DVI, HDMI audio, as well as Blu-Ray and HD-DVD support. 

Inside the box, all the bits and pieces are safely packed away within a pre-formed "egg-crate" style box. 

The card itself is much different looking than the reference HD4850.  Much of this is due to the fact that Sapphire has fitted the HD4850 board with its own custom cooling design.

The fan Sapphire has chosen to cool the Vapor-X consists of eleven small, thin blades.  Instead of electing to "push" the hot air through a vent on the PCI bracket, this heatsink blows directly onto a heatsink, in a design reminiscent of the stock Intel CPU cooler.

The end of the card reveals to us the six-pin PCI-e power connector, as well as the new Sapphire "Black Diamond" power choke.  Sapphire claims that this new power choke will reduce temperatures by 10% and increase energy efficiency by 25%.   

The HD4850 sports three different ports: a DVI, VGA, and native HDMI.  I find the choice of a VGA port here to be a bit odd, considering that DVI is easily converted to VGA via an adapter, but VGA is not easily converted back to DVI.  I would much rather see two DVI ports and an HDMI, with an included DVI to VGA adapter. 

The back of the HD4850 Vapor-X reveals an interesting surprise: this design is actually different from the AMD reference board.  The giveaway here is the location of the four mounting holes; while on the reference card, the core is closely lined up with the PCI-e socket, on the Vapor-X, the core is moved back towards the rear of the card.  At the top of the picture, you can see the dual Crossfire connections, allowing up to four cards, if you have a motherboard to support it. 

The bundle includes a Molex to PCI-e 6-pin adapter, as well as a flexible Crossfire bridge.  Also included but not shown are a manual, as well as the usual copies of CyberLink PowerDVD, CyberLink DVD Suite, FutureMark's 3DMark Vantage, and the Sapphire Ruby Rom.