Yeah, but if you're known as a bargain brand and you want to start charging higher prices, you better have all your ducks in a row. 4GB of RAM is going to be a severe impediment to charging anything over $499, and even that is pushing it.
Based on today's articles, it sounds like they're trying to work around the 4GB limit using driver hacks. Not at all impressed - these will stop being maintained when 8GB+ HBM2 becomes available next year and AMD wants to sell the next big thing. I've seen people praise AMD for continuing to maintain "old" cards in their drivers, but the only reason so much effort has gone into maintaining GCN 1.0 is that they're still selling it. Sure, you got great value for your money if you bought a 7970 back in early 2012, but that doesn't help someone shopping for a new GPU now.
If they really want to charge a "premium" price ($699 or more), then they not only have to beat Titan X by more than 10%, they have to do so in a manner that demonstrates that the RAM deficit won't be an issue. This means it has to beat Titan X not just at 1080p but on 4K with ultra high-res texture mods, and on games that are not specially optimized for AMD.