Fury wasn't the most competitive chip when it came against the 980 ti, but the RX 480 was a great competitor to the GTX 1060.
Neither of these examples are relevant to what we're talking about.
What does a midrange Vega chip in 2018 accomplish?
That's a chip slower than big Vega, but years after the competition. That doesn't raise an eyebrow to anyone and wonder how amd will sell that chip?
No one has any conjecture beyond the current thoughts that it competes against the gtx 1070 and 1080 and is just years late to the party?
Edit: I'll give my 2 cents, I didn't want to give my brilliant answer away but fine.
I don't think Vega 11 is meant to compete directly with the gtx 1070/1080.
I think it will replace Polaris, and come in with 2-4 chips with performance levels that don't remotely correlate with Nvidia and are just priced well. There won't be a way to direct compare like the rx 480 vs 1060. They'll slot in weirdly, and Polaris won't be needed beyond maybe a couple of cards at the lowest ends.(think fury(not x) , which didn't really directly compete with any card and was just priced well it's closest competitor was a cheaper gtx 980 and the 390x also. They sandwiched the gtx 980 which 2 better price/perf cards)
If we go off naming scheme, isn't Vega 11 made after Vega 10? Just how Polaris 10 released before Polaris 11.
Hence why I'm more curious about Vega 11.
Vega 10 makes sense, and is boring at this point we know the performance level of that product. Vega 11...im curious about.
Doesn't Polaris 11 have more features than 10? Isn't Vega 11 an updated 10?