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