So here's the way I see it. the 470 is a terrible value when weighed against the $200 480's that no longer exist at retail. But when weighed against what actually does exist at retail, the price is in line with what has been happening with the skewing of new gpu pricing all over the spectrum this cycle.
I think we have the same problem nvidia is having with the 10x0 series.
I don't think people would have whined as much if the 1080 came out across the board at $699 instead of having a 2 tier pricing structure. the 780 Ti came out at $699, and the 980 Ti came out at $649, and the 1080's performance was a bigger boost from the previous top dog than those cards were, and the 980 Ti was even praised as a decent value compared to the Titan X.
Now AMD has the same problem, they announced the 4GB RX 480 at $200, and the card is barely available at all, let alone for $200. So the RX 470 swoops in and takes that $200 spot, at a slight performance decrease. If the 4GB RX 480 and it's $200 price point never existed, then the RX 470 would seem like a great deal.