380 being a 290/290X rebrand would make perfect sense in that case. Offer a 980 as the top choice for the most money, 380 as the middle one for a couple of hundred less and then something lower end for $100-150 less.
I still think some posters on our forum use the term re-brand incorrectly. If you take Hawaii XT made on 28nm TSMC, but manufacture it at GloFo and add HBM, that's not a rebrand. The chip not only has different transistors, but entirely different perf/watt and memory sub-system characteristics. How can you call an R9 380X with 15% more performance and 80-100W less power vs. the 290X a rebrand? (Just using hypothetical performance and power metrics here). The point is, a re-brand is taking the same chip and at most just bumping the GPU and memory clocks and releasing it at a lower price --> for example GTX680-->770 or HD7970 --> HD7970Ghz. Even the minor changes from GTX480 -> 580 is already not a rebrand. Similarly 470 -> 570 is not a re-brand.
Consider this:
R9 370X: 140W
Price: From my contact: $2xx
GTX 980: 165W
Price: $550
TDP of R9 390 is said to be ~220-230W btw (not from my contact).
But you said 370X ~ 780 and 780 < $240 R9 290 and even slower than an R9 280X. Sure from a perf/watt, it's probably a huge leap but selling 780 level of performance in the $200-250 range isn't exactly mind-blowing when R9 290 regularly sells for $240. I guess compared to the turd that is the 960, it will be a huge win for those who have power usage as a key priority to have 780 level of performance with 140W power usage below $250. As far as $550 MSRP of 980, that price has always been questionable as the card was overpriced from day 1 imho. That $500-550 price for a 980 is laughable when cards like the Gigabyte GTX970 Windforce go on sale for $295.
Right now 980 is 8-15% faster than a 290X, maybe 25% if we use reviews full of GW titles but it costs 70% more than a 970 and 80-90% more than an R9 290X. I have a 1000W Platinum PSU so I don't really care if 980 uses 200W or 300W. For me the fair price of a 980 today is $399 tops based on its performance and features. Therefore, if R9 380X ~ 980, it should really be priced at $379-399 or otherwise we are still in mid-range overpriced land.
Another way of looking at it, HD7970Ghz was $549 and when AMD released R9 200 series, that level of performance became available at $299 in the R9 280X. That means AMD should really aim for R9 380 to be priced at $299 and have R9 290X level of performance.
On the performance level I would like to see:
R9 380 = $299 as fast as R9 290X reference card
R9 380X = $399 as fast as GTX980 reference card
R9 390 = $549 15% faster than a GTX980 reference card (so 87-89% as fast as the Titan X for nearly half the price)
R9 390X = $699 as fast as the Titan X