The GM107 only has one SMX,meaning it has no interconnects. Interconnect problems are what lead to the original GF100 having such high power consumption(IIRC,that is what Nvidia stated). Scaling up the design will probably mean additional power consumption increases.
Interconnects weren't the reason for why Fermi had high power consumption; it was a combination of hot clocking the shaders and the use of a complex hardware scheduler that made the power consumption very high. Kepler addressed these two issues directly by doing away the hot clock and going back to a static scheduler. Fixing the issues with their memory controller not clocking high enough probably had an effect on the power consumption as well, although I'm not entirely sure if doing so would help lower the power draw.
With Maxwell, nVidia takes Kepler one step further by partitioning the SMX into 4 blocks, each with its own dispatch, crossbar, and execution units. With improvements in instructions per clock, 128 cores are capable of doing 90% of the work of 192 Kepler cores, so they decided to shrink the SMX down to 128 cores and calling it a SMM. Since most of the chip is power gated, unused execution units can be switched off but the level of granularity depends on how things are connected. With Kepler, if an SMX was at 50% utilization, I presume that meant you had to have the ENTIRE crossbar, ALL of the dispatch units, and ALL of the execution units fired up since all of the resources were grouped into 1 large partition. With an SMM, if you have 50% utilization, you are able to switch off 2 of the 4 partitions and cut down on power. Therefore, you save on power when the chip isn't being fully utilized.
Secondly, there's the addition of a larger L2 cache (4 times the size from Kepler), which is supposed to help reduce the time spent accessing RAM and thus save on power consumption as well.
Lastly, as Ryan suggests in his Maxwell article, you have small improvements made at the transistor level by taking advantage of the fact that the 28 nm node is already very mature. With 2 designs already done on 28 nm, nVidia has plenty of experience with the node and knows how much more they can squeeze out of it.
All the reasons I've listed above led me to my estimate that GM104 will be at least look like GK104 from a high level (except that you have an additional 33% more shaders going from 1536 to 2048) but will have roughly the same power consumption as GK104 due to all of the other improvements made in power efficiency. Of course, I'm just pulling numbers out of a hat here so take everything with a grain of salt. nVidia could just as easily throw more SMMs into the mix and scale up the design but that means making a larger die a la GK110. At that point, it comes down to whether or not it's worth it to release a large die Maxwell on 28 nm. Perhaps it's better to release something at a lower cost which trades blows with GK110 in very specific usage cases, but doesn't completely destroy GK110 so that they don't cannibalize their sales at the high end, i.e. GTX TITAN Black. nVidia probably wants to milk GK110 for as much money as they can while they still can.