Yet GM107 was way more efficient than GM206. Weird because that doesn't align with your arguments that that frontend takes space and power.
As it should, because as I've already said GTX 960 was the worst Maxwell card and it was made on 28nm. The RX 480 is not competing with the GTX 960. If rumors are correct, in about two weeks it will be competing with the GTX 1060. Even if GTX 1060 loses 20% of GP104's perf/mm2 and perf/w efficiency just like GM206 did vs. GM204, it will still technically crush RX480, being 40-50% more efficient in perf/w and 20% more efficient in perf/mm2. AMD's margins will continue to be squeezed because Nvidia can sell a smaller, less expensive chip for the same or more than AMD.