You really need a lot of talent to do this, 73% more transistors than GP104 (GTX1080) to get the same performance in gaming after more than a year and almost double the TDP.
Really its mind boggling how they managed to do this while having both 14nm FF + HBM2 at their disposal.
It's not that mind-boggling if you think about it. First you'd want to compare it to GP102 since Vega itself is more similar to the Titan in that is has compute and prosumer features that aren't necessary for gaming.
The second is that AMD themselves had indicated that a lot of the transistor budget was to make GCN clock higher. It's never been as good at high clock speeds, and may have some low-level design decisions that make doing this difficult. It seems like in lieu of AMD trying to build a new architecture (or perhaps in lieu of it not being ready yet) they did what they could in order to get clock speeds up, at the expense of using a lot of transistors that probably could have been better spent elsewhere. AMD may have well be better off focusing less on clock speed gains and instead putting the additional transistors to more shaders or other resources.
Hopefully for AMD's sake, Navi is a new architecture rather than just a shrink. GCN has had a good run, but it needs to be retired. It's pushing 6 years old at this point, and that doesn't count time spent developing it. They could get more life out of it if they take a similar approach as with Ryzen where they build multiple smaller units and connect them together, as this would make it more economical for AMD to build chips with more CUs running at lower clock speeds without having the usual problems of poor yields with larger dies.
I want to see more 1070 vs Vega 56 benchmarks....if Vega 56 ends up a better performer than a 1070 then that's the real story here. 1070+ performance is enough GPU power for 99% of gamers.
If Vega 56 were a big winner here, I think AMD would be doing more to market this. They were pretty mum in terms of information so I don't expect it to be that much better than a 1070.
What I'm most interested in right now is the Nano, which we don't know a lot about other than it's size (similar to the Fury Nano) and that it has an even lower TDP than Vega 56. I'd like to know if it's just a specially binned Vega 56, or if it's an even more cut version of the chip (48 CU) that might come in closer to $300, especially if it's only got 4 GB of HBM2.