Sure. And the GPU itself is far from the whole thermal load of a dGPU. Let's assume that the GPU itself represents 50W (66%) of the 75W TDP. That means a 512SP version at full tilt, no RAM or anything included, is 25W. Alone.
Base clock numbers go out the window once the iGPU gets any sort of load, remember that. With Intel as an example, their 15W >2.5GHz base clock chips often dip well below 1.5GHz when the iGPU kicks in and that's with a far smaller GPU. My desktop A8-7600 (65W) power throttles when the GPU (384SP) is under load, although not by that much (from 3.1GHz down to ~2.4-2.6). APUs are optimized to utilize their thermal window to the fullest extent possible. As such, it would be silly for the CPU not to have a higher base clock when the GPU is idle, as they have cooling to spare. I'd love to see actual clock speeds for a Carrizo chip with the GPU under load. They'd definitely not be 2.7GHz.
I'm not saying Ryzen/Raven Ridge won't give us some awesome APUs. I'm simply saying this: Don't expect miracles. 15W will not be the sweet spot for full-APU load, not by a long shot. It will no doubt be more than enough for a decent CPU. But with a GPU, even 25W will be a massive improvement - either throttling the CPU less, or allowing it to run full-tilt with 10W to spare for the GPU alone. 35W or more would allow this to really shine. GPUs are power hungry. That's just the way it is.
No higher than ~1200MHz, at least. And sure, cutting back a few hundred MHz will save you power. But there's also data suggesting that Polaris power draw flattens out below ~900MHz. So there's not much to save. I hope Raven Ridge has Vega-based iGPUs, but I'm not betting on it. And even so, you'd need 15-20W for a 512SP GPU alone for it to get up to speed. Fitting it inside a 15W TDP APU and not expecting throttling is a pipe dream.