It's not enough because of how far behind the RX480 is in relation to the GTX1070/1080.
AIB 1080 is
2X faster than an RX 480 @ 1440p/4K, while maintaining
210W typical power usage with a peak of 224W. AMD would need a full generational leap from P10 to Vega to come close to GTX1080 if there were to target ~ 320-330mm2 die within the same 210-225W power envelope.
My calculation using typical gaming power usage:
1440p
Palit 1080 = 100% / 210W = 0.476 perf/watt
rating
RX 480 = 51% / 163W = 0.313 perf/watt rating
Palit 1080 has a 0.476 / 0.313 = 52% perf/watt advantage
But it's even worse for the reference 1080 against reference RX 480 where the perf/watt advantage goes up to almost 80% in favour of NV.
You actually believe AMD will improve perf/watt by 50-80% from Polaris 10 with Vega? After their performance and perf/watt misrepresentation with Fury X and Polaris 10, I highly doubt it.
I maintain that AMD will need a larger die size and more power usage to match a GTX1080 with Vega 10. Their only way to compete will be on price or price/performance. This means GTX1080Ti/Titan P should have 0 competition this generation again. That's why I also predict a 2nd consecutive generation of NV selling GTX570 cut-down flagship under the x80Ti brand (980Ti and soon GTX1080Ti). I will be pleasantly surprised if NV actually releases a 3840 CC / 96 ROP / 240 TMU 384-bit GTX1080Ti. If they do, and Pascal scales almost linearly in GPU demanding games, then that's another 1.5X increase over the 1080. AMD will have no chance. To me right now this is AMD's HD2000 series generation unless I see some major changes. What masks AMD's engineering failure is RX 480's $199-239 price. The power usage should have been 110-120W with R9 390X performance, not 163-167W with R9 390 level of performance.
Go back to HD4000 series. When was the last time AMD actually had an significantly inferior $200-250 level chip? It hasn't happened until now. GTX1060 is not only going to be more power efficient but also faster. In fact, one could argue that in the last 5 years, that AMD actually had a superior product line in the $200-250 space. While AMD's cards were less efficient, they were at least as fast or faster. This time AMD's 1060 competitor is both slower
and less efficient. Since the $200 RX 480 4GB is MIA and was released in limited quantities, how do they expect to sell RX 480 for $240-270 when GTX1060 is a $250-300 card? AMD is blowing it this time.