By that logic the 1080 should be about 45% faster than the 980 Ti, and yet it is only about 32% faster.
1080: 2560C x 1750Mhz x 2 = 8.96 TFLOPs
980 Ti: 2816C x 1100Mhz x 2 = 6.20 TFLOPs
8.96 / 6.20 = 1.45
So we're looking at a performance deficit of about 9% (1.32/1.45=0.91). This will more or less cancel out the 15% increase in theoretical performance, and thus GP106 should end up about even with a 970.
The various VR specific features come on top of this of course.
GPU boost makes these calculations hard (the stated clocks are not a hard cap), particularly with Maxwell being well known for the advertised speeds being very conservative.