5700XT is meant to perform a bit faster than an nVidia RTX 2070. For reference, Radeon VII trades blows with RTX 2080. As for what it replaces . . . some of us are still scratching our heads about that one, but time will tell.
Next year, we may see a Navi card that beats the 2080Ti (and, logically, Radeon VII).
As for Radeon VII, unless you really just want to support AMD on the high-end or want it for that 1/4 FP64 performance, you may not want one. There are no custom Radeon VIIs. Supplies may dry up eventually. It has already been hinted by
@Yotsugi that Radeon VII would go EoL as soon as Navi launched, and sure enough, the AMD store doesn't even sell Radeon VII anymore.
Radeon VII prices are also starting to go down. NewEgg has the XFX card for "only" $680! What a deal. Also, all the Radeon VII game bundles have changed. Instead of Division 2, DMC5, and RE2, now you get Division 2 Gold and World War Z. Kinda wondering if that's what you get with 5700XT and/or 3900x in July.