2x perf/watt over "mainstream" 28nm GCN chips could correspond to roughly Hawaii levels of performance at roughly Pitcairn levels of power consumption. For Polaris 10, that lines up with about what I'd expect. As I said, though, I'd rather wait for actual data rather than reading too much into AMD's marketing materials. Honestly, I think we're analyzing these PowerPoint slides with much more attention to detail than was ever put into creating them in the first place.
For all the people worrying about competitiveness versus Nvidia... GTX 1080 has the best perf/watt of any current card, but that's because all the competitors are currently 28nm. It actually isn't as big a jump as you might expect for a node shrink. According to
TPU's chart, GTX 980 is 64% as efficient as GTX 1080 at 1440p. Flip that around and this means GP104 has 1.56x the perf/watt of GM204. Even if AMD does "only" 2x, that would still be a bigger jump, and would result in perf/watt on par with Pascal.