GCN 4 is solid, forward thinking, future-proof. Pascal is just Maxwell on speed. It's not going to hold up for DX12/Vulkan workloads, which will be omnipresent by next year. VR is a bit of a toss up, not sure how that will pan out.
GP104 is much better manufactured. They have really honed in on TSMC 16nm, pushed clocks and power efficiency to uncharted heights. AMD have struggled with GloFo 14nm. Which is not surprising, considering this is a brand new architecture on a brand new process which has never seen as discrete GPU built at a fab which has never made a discrete GPU. As a result, it clocks very, very low. The optimum clocks for Polaris 10 is probably in the ~1 GHz range, while GP104 is in the ~1.5 GHz range. That's an unbelievable 50% advantage. Yes, at 28nm Nvidia had a clock speed advantage, but it was more like ~20%.
14nm never brought about the expected advantage in density either. In fact, on 28nm, AMD was more than 7.5% dense than Nvidia, so they have actually lost on 14nm.
On the other hand, by foregoing perf/W with 480, AMD have been able to push performance while bringing the cost way down and retaining availability. They have turned off power management features, pushed voltages way high to meet the lowest common denominator - push as many P10s capable of 480 clocks as possible. So, AMD can afford to sell P10 at $200 with a relatively wide availability. 470 will get perf/W back in line.
So, it's a bit of a mix and match. P10 would have been much better at TSMC 16, but the move to GloFo had to happen. It'd be reasonable to assume they'll work it out by Vega time. On a pricing level though, $200 is still great for 480, and I imagine 470 will be even better.
Perhaps it's time to put down the kool aid. We heard all that stuff about how amd made such huge strides in major architecture changes while Nvidia just relied on the node. It's ridiculous.
You know, Nvidia and amd used the exact same 28nm node last gen and Nvidia had built a design that had amassing power consumption. This was 100% a result of the design that was built for and around efficiency.
Pascal has many changes but amd fans completely right them off. All of them.
The great efficiency of pascal is due to a lot of effort. It's a result of Nvidia's focus. If you took a look, you would see that power consumption was a major focus and Nvidia built a new and phenomenon level of capabilites. Since you do disregard all other improvements in pascal, you should at least know that the high speed and efficiently is only possible because of the time and effort put in pascal. It's how they achieved these things and not some accident