The Polaris chip demoed at CES was smaller than GK107 (118 sq mm) and Cape Verde(123 sq mm). I would guess its a 110 sq mm chip. Such a tiny chip means we are looking at a 128 bit GDDR5 memory bus. A 256 bit memory controller cannot be fit on such a small chip as it does not have the area for I/O pads for a 256 bit GDDR5 bus.
One possibility is that it could have a memory controller designed to work with either GDDR5 or GDDR5X. Parts that are low-end, or ultra-low-power would be designed to use standard GDDR5 at lower core clocks, while the 75W desktop card would use GDDR5X and higher core and memory clocks to allow the chip to stretch its legs.
We've seen dual memory controllers in the past, especially on small chips; Cape Verde works with both DDR3 and GDDR5, for instance. And GDDR5X is supposed to be a relatively simple addition to the GDDR5 standard, this shouldn't cost much extra die space.
Even 1st generation GDDR5X is supposed to have 12 Gbps data rates (eventual target is 16 Gbps, and Micron claims to have hit 13 already). A 128-bit bus with 12 Gbps GDDR5X would provide 192 GB/sec of memory bandwidth, which is more than the current Tonga cards have on tap.
Micron says mass production of GDDR5X starts this summer. If Apple needs Polaris 10 sooner for the MacBook Pro refresh, standard GDDR5 would still let the chip offer unparalleled performance per watt, and slower core clock rates would make a memory bandwidth bottleneck less of an issue.