Realistically, looking at what they've put forward , it's an RTX2070- 2070S . Right down to the 200+w TDP (215) , die size balllpark and power requirements, bus width, the lot. It Even looks like an FE!
If it was joining the battle between 5700XT and 2070/S back in mid 2019 , undercutting the $399 price tag the XT launched at (and having RT to boot), it'd be very disruptive. and a real worry for AMD in particular , but that's a scenario near 3.5 yrs old .
I think the hype around its release now for $329-$349 is more indicative of what's happened to the industry since then. The fact this makes it good value next to a 3060 really shows what poor value that card still is, and that it still hasn't fallen to its MSRP (Unlike AMD cars that have falled below launch MSRP ) .
As for the future , well I guess it depends on how they can execute with Battlemage. they'll need to make exponentially large gen on gen jumps, ( A 'Navi moment' or 2) and / or for AMD/Nvidia to naively take their foot off the gas pedal (Which does happen, so don't rule it out) There's now, realistically 2 Generations to catch up on before they can either tackle the high end, or be profitable in the lower/mid end.
At these performance levels Alchemist has probably, what 6 months? before it's a low end card, battling the "4050" and "7500" class GPUs , and if These competitors pull their head in, and are able to price them as low end cards they are then I don't think pricing such large, expensive to build GPU's to compete with them will be sustainable.
Until Reviews of this , and Ada/RDNA3 are out , we won't have an entirely clear picture what they're up against. Lots to digest in the coming ~ month or so