Thanks for your quick reply.
As I had a Radeon HD 6970, I knew to be good, lying around I decided to try that first.
So far so good; no BSOD's
So everything points to a faulty card or faulty drivers.
I have since found a post on another forum where a user has he exact same behaviour as me, and his system works if he disconnects all but one monitor from his setup. Or running on the original 7970 release candidate drivers from the card launch.
I will try test his method later today and report back.