1. More memory efficiency is good, but given that Hawaii already has plenty to handle 4K, and R390X has stacked memory to nearly double bandwidth, I don't think this is a meaningful improvement in gaming.
2. AMD GPUs have not been limited by tessellation performance in GAMES since Tahiti. Sure in artificial benchmarks you can see the difference, but games that are optimized well or even poorly (Crysis 2/3), GCN keeps up with the competition just fine. I don't think Tessellation will be the bottleneck in games, not when cross-platform devs have to design for consoles running GCN. Maybe in a few Gameworks titles it will make a difference.
On paper, there's just no way for R390X to be 50% faster than R290X. The shader count growth alone discounts that possibility unless Fiji is GCN2.0 with major IPC gains. Somehow I don't think it's AMD's Maxwell.
Look at it this way, since you already said that memory bandwidth and tessellation are not major bottlenecks of Hawaii, and Tonga improves in both of those areas, not to mention 50% more efficient color fill-rate, AMD doesn't need to spend that much time on these areas of 390X. You see they used Tonga as a testbed for GCN1.2 to improve the color fill-rate, rasterization, geometry, and memory bandwidth efficiency. That means now the other team working on 390X only has focus primarily on SPs, TMUs, cache sizes and ACE compute engine efficiency. Since Tonga gives us 90% (!) more tessellation, nearly double the rasterization rate of Tahiti, 40% more memory/color fill rate efficiency, all in a die size similar to Tahiti, AMD's engineers are now free to expand SPs, TMUs and ROPs without worrying that the aforementioned parts will bottleneck 390X severely. AMD also did all that with 700 million transistors only if rumours of Tonga XT packing 384-bit memory bus are true.
http://techreport.com/review/26997/amd-radeon-r9-285-graphics-card-reviewed/2
That means if AMD grows the die size to 520mm2, they can probably hit 3840-4096 SPs. At 1.1-1.2Ghz, you will be 40-45% faster than 290X in GPU limited games without any other improvements GCN 2.0 brings over 290X. Remember 980 is only 20% faster on average, but much slower as you go up in resolutions.
I don't expect 390X to use 165W of power. However, I would take a 275W card 20% faster than 980 because I don't spend $500+ on cards to save $10 a year in electricity. I just don't know if AMD is going mid-range 20nm die or massive 500-550mm2 28nm die. If AMD goes the latter, they will not be able to beat GM200 since it will be a maxed out balls out chip. AMD goes the former, they will likely do a 2-step Tahiti--> Hawaii transition where the first chip is going to be slightly faster than 980 but they'll need a 2nd iteration to combat GM200.
I think as long as 390X beats 980 by 18-20% at $550, the wait will be worthwhile. If 390X is only 10% or less faster, well that would be disappointing to me.
* as you know I speak highly of AMD's 2nd best cards as they continue to deliver unbeatable price performance (5850s, 6950s, 7950s, 290s). Even if 390X doesn't beat GM200, I think we will have yet another generation where 2 of AMD's 2nd best cards crush NV's single flagship by 40-60% for not much more $. I would love for AMD to bring unlocking of 6950 back. That would make the 390 as smoking value. I also like that AMD doesn't have a 16-20% gap on performance betwen their top and 2nd best card once oth are overclocked and doesn't cripple VRAM or bus width (5850/6950/7950/290 all share this). With HBM, I doubt AMD will care to cripple the bus or memory size on the 390.