You cannot estimate gaming performance from an architecture preview. Did AMD give any performance numbers? Where is the equivalent of +40% IPC that was targeted with Zen in the case of Vega?
Until then, it's all speculation.
This whole thread is devoted to speculation. We can make reasonable inferences from AMD's slides and public statements, and from the gains that Nvidia obtained by implementing similar technology.
AMD told Anandtech that the MI25 Vega accelerator is going to have ~12.5 TFlops of single-precision performance. We know, on every GPU ever released in the modern era from both AMD and Nvidia, the formula for calculating TFlops. It's a simple function of (shaders x MHz x 2) / 1,000,000. Thus, if the flagship Vega chip has 4096 shaders (and all the information we've seen from multiple leaks so far indicate it does), then it
has to run at ~1525 MHz to hit the TFlop goal. We also know based on past experience that professional cards almost never run higher clocks than consumer-grade cards; if anything, they run lower. From all this we can
reasonably infer that the flagship consumer Vega card will run no slower than 1500 MHz, and quite possibly faster.
As for "IPC" - as used here, most people really mean something like "DX11 gaming performance per TFlop". Whether that is what AMD means in its architectural slides is not clear. And you're right that they didn't give specific numbers. However, again, we can make inferences from what we do know. AMD is implementing tiled rendering, so how much will that gain them? The closest comparison I can find is Nvidia's GTX 650 Ti (Kepler) to GTX 750 Ti (1st-generation Maxwell). Delta color compression (which both AMD and Nvidia now have), was, as far as I know, introduced only with 2nd-generation Maxwell (900 series), so using 1st-generation Maxwell as a baseline should mostly isolate the gains from tiled rendering. On 1080p gaming, GTX 750 Ti
did about 22% better than GTX 650 Ti. This was despite the fact that the Maxwell card had only about 91.5% the raw TFlops of the Kepler card. In other words, Maxwell 1st generation had about 33% better DX11 gaming performance per TFlop than Kepler. (1.22 / 0.915) We can therefore
reasonably infer that tiled rendering should provide significant gains for AMD in Vega, likely over 30% better DX11 gaming performance per TFlop. This is assuming no other significant bottlenecks - and we know from the slides that Vega does remove at least one major bottleneck, the 4-shader-engine limitation, which was one of the primary reasons that Fiji was so underwhelming.
These, then, are my predictions based on what we do know: clock speed for the flagship card of no lower than 1500 MHz (except perhaps in Furmark and other extreme TDP-constrained scenarios), and improvements in DX11 gaming performance per TFlop of no less than 30% over Polaris. We will see in a couple months whether I am right or wrong.