if Hawaii gets rebranded with higher clocks, 8GB VRAM, and lower power consumption and gets priced at let's say $350 for 290X and R9 290 for $300
I still don't see people that are predisposed to Nvidia being convinced enough to go AMD at that price range instead of buying a GTX 970
Hawaii isn't strong enough to make use of the 8GB VRAM and if AMD prices higher than $350 / $300 then that will just provide greater motivation to go with a GTX 970
One of the major reasons for 970/980 success over R290/X are:
1. Performance. 980 leads by 10-15%. 970 is about the same as R290X.
2. Efficiency. R290/X is anywhere from 220-250W while 970/980 is 150-180W. The gap is quite big.
It's hard to sell a product that is slower and more power hungry.
But if you can get a product that matches or exceeds in performance while shrinking the efficiency gap as well as offer 8gb of vram, it becomes very competitive.
However, there's only one scenario where they can gain more perf & lower power use. A re-spin/re-designed Hawaii on a better 28nm process from GF.
In this case, its no longer a re-badge but a new chip.