Although they obviously won't be able to match the efficiency of Maxwell on the current iterations of GCN, I wonder how much extra perf/watt AMD could get by simply down-volting their chips and lowering the clock rates a bit. Back in the cryptomining days, many miners saved quite a bit of power with down-volting, without sacrificing stability (remember, these were full 100% GPGPU loads run 24/7 - most cards aren't going to be stressed anywhere near that hard). AMD is generally very aggressive on their default voltage settings (on both GPUs and CPUs, at least the FX series), which may help yields on marginal silicon and makes overclocking easier, but hurts efficiency. At this point in the 28nm process, they should be able to tighten up a bit.