You said basically the same things with the R9 series and the Polaris series vis-a-vis nVidia. It wasn't true then, and it still isn't true now. The gap is far less than people make it out to be.
It was true then, and it's more true now. I don't need to look any further than market share, GPU use cases (data centers, pro, consumer, mobile), and profits. Polaris did nothing to change AMD's position with any of those categories. The one and only market Polaris is dominating is mining; a very niche market based on speculation and which can crash at any moment. Without mining Polaris would be at selling at reduced prices just to maintain that 25-30% discrete market share.
Does nVidia have superior GPUs for gaming, and perf/W in gaming? Yep. Is RTG that far behind? I really don't think so. A day (year) late and a dollar (half tier) short, maybe, but GTX 1080 level performance in gaming is nothing to sneeze at. Especially with a chip that was apparently designed for datacenter applications rather than gaming.
A GTX 1080 is a great performing card, but it's been out for 15 months and has been eclipsed by 3 faster cards. AMD is just now almost reaching that level of performance, but with 60% higher power draw, and a new record for stock power draw with a single GPU card. Die size wouldn't matter so much if it was a much higher volume card or lower power. But the trifecta of last place in all 3 categories seals the deal for showing the world just how far behind AMD is.
Vega's most important characteristics are:
1) AMD finally has a GPU that will sell well outside the gaming market (read: fat margins)
2) AMD has finally returned to the high end
AMD's Vega put pressure on Nvidia to unlock artificially locked features / performance on Titan X. Today Nvidia responded and now Vega RX looks way, way less compelling. It loses in most pro benchmarks now. Vega quite literally compelled Nvidia to unlock pro features on it's prosumer card, and because of that RX Vega is no longer compelling looking in most prosumer situations.Hooray for competition, but it seems like Nvidia ALWAYS has an answer for anything AMD does.
In the long run it doesn't matter much that they didn't retake the performance crown - it matters that they will make it to their goal of IF-linked MCM GPUs. Because that will be the "Ryzen" moment for RTG.
You're right; the performance crown isn't that important. Perf/$ is important and perf/w is important. AMD isn't winning at one and is losing VERY bad at the other. Notebooks are entirely a foregone conclusion. SFF is nearly a foregone conclusion. Lead time on market is long gone. Performance advantage is long gone. Price advantage is gone. And costs are up - Vega is trying to sell at the same price as much smaller chip that has a cheaper power delivery system and cheaper vram.
Worst of all? Consumer Volta's are very likely 5-8 months away. Nvidia is on a very steady, very predictable cadence. GV104 will be ~50% faster than GTX 1080, and GV102 will be ~50% faster than GV102. Nvidia's GV206, probably a ~250mm2 chip will be about as fast as Vega 56 at 115w of power consumption!
To drop the final bomb, Nvidia is moving to MCM's too. It's nothing unique or special to AMD and MCM designs won't matter if AMD doesn't
massively improve their architecture because power walls will get hit just as hard with MCM's as they will with single chip designs.