Just saying, at the very least, it's a fair improvement over the Fury X. I'm personally not all that confident in their arch improvements, but I hope I'm wrong. They claimed to have a lot of arch improvements with Polaris too, none of which added up to much.
We were hoping that the new geometry engine brought them to parity with NV in tessellation, that the new command processor eliminated DX11 overhead and I was hoping that the new multimedia engine would fix idle and video playback power consumption. None of that really happened.
The 980 Ti was actually a bit closer (it had more like 6.8TFLOPS at 1216MHz) if you compared actual clock speeds rather than nominal. Still, the Fury X seems to be stuck fighting it out with the 980 and 1060 in most recent games. Hope Vega isn't massively underutilized like that.
While I do somewhat feel the same, I think you're a bit overly pessimistic. From what we know, development on Polaris and Vega started out roughly at the same time (or at least they started talking about them at about the same time). That Vega is launching a full year after Polaris then must imply either that
a) It's a far larger departure from GCN than Polaris was (as Polaris was pretty much a die shrink with some added features and overall tweaking of the architecture)
b) It's been pushed back to extract the most performance, or
c) They're really struggling to make it compete
While all three might be true to a degree, I can't quite get myself to believe that c) would be the dominant factor. After all, even with the relatively small tweaks that Polaris brought to the table, they closed the efficiency gap a little, and the feature gap a lot. A year of development beyond that, including process improvements, on an architecture developed in parallel rather than in sequence, should net them some nice improvements unless every engineer they had working on Vega somehow turned into a chimpanzee or something. Of course, this is impossible to tell.
My prediction is that small Vega (64 CUs) will be close to 360mm2.
You know, I'm not entirely opposed to that, although I think 380-400 is more realistic. Fiji was 596mm2 with 4096 SPs/64 CUs. Hawaii was 438mm2 with 2560 (although that includes more FP64 components due to its 1/2 DP compute rate vs. Fiji's 1/16). Polaris is 232mm2 for 2304 SPs (also 1/16 FP64 rate). So for a 10% reduction in SPs from Hawaii, with some added space savings from reduced FP64, they got a 48% die size reduction out of the jump from 28nm to 14nm. CU-to-CU when comparing Hawaii to Polaris, the reduction is still 42%. From Fiji to Polaris it's still a 31% reduction in area per CU. While the reduction from Fiji won't be as drastic due to it already having cut FP64, a direct extrapolation of Polaris 10 to 64 CUs lands at 412mm2 (232/36*64). It seems reasonable to me to expect a slightly smaller die than this, unless the changes to Vega's NCUs are so drastic as to render them incomparable with previous GCN designs. Then again, Hawaii extrapolated to 64 CUs would land us at a 700mm2 die, so the reduction from Hawaii to Fiji was pretty significant too.
Give it 44 CUs and it might fit, but 64 CUs is big Vega.
That would require the Vega NCU to be
significantly bigger than a regular GCN CU. Polaris with 44 CUs would barely exceed 280mm2.
(Of course, die sizes can't be extrapolated like I've been doing here, as that doesn't factor in any other components than the SPs themselves. ROPs, TUs and the like also play a part, not to mention memory controllers, encode/decode parts, and so on. Still, it can be useful as a rough approximation).