They either landed on a leap-frog development that will really impress by late '13 or early '14 or…
I think AMD just showed the hand of the industry as a whole. Mobile and console are the future and pursuing a shrinking market (desktop PC's) aggressively isn't a smart move. NVIDIA has to anymore. They hold no real advantage at this point except in the dedicated GPU market.
I've been preaching this whenever I have the opportunity. NV is testing the wallet of the small niche of enthusiasts to see how many limited Lamborghini type of cards can they sell while trying to get as much money for as long it's possible from their mid and low range cards. AMD has no Ferrari to compete but they have good cards for a fair price plus glorious bundles to keep them in the business until they figure out if the desktop PC is going extinct.
With this news of waiting it out, I kind of want to think AMD made GCN and Boost work really super together, something they may partially implemented in console parts and why they got the contracts. While game developer release new titles for those console, AMD knows they'll have a leg up with GCN drivers and buying-time for those releases to port to the PC platform. While I think AMD realizes Kepler (GK104) is at this point fairly tapped out. Nvidia can pick-up modest gains with a re-spin, but without an overall revamp (major investment) and perhaps even die size bump they won’t achieve the next hurdle. If AMD released in say 3 months they’d take the lead price/performance, but why? This all may have to do that they are hope to "dig-up" some information as to what Nvidia could do with Kepler, it been fairly quiet on that.
Yes, It may come down to slowing development, resources, manpower, tied to a shrink market. IDK It could be that pulling back is related to both Volcanic Islands, and Nvidias’ Maxwell and 20Nm manufacturing. But overall AMD probably knows Nvidias' path is 8+ months out, so
why not slow it down. Last time they moved early and it brought more grief on them.
Lastly this has almost nothing to do with Titian, except Nvidia (and AMD) wants to see how many they can sell, and can they elevate the market in future go arounds. Proving there might be enough takers in a $600-750 range to bump normal "enthusiast" price point fo Maxwell in 2014-2015. This will permit AMD to see if Nvidia might bring other lower derivatives from further gelding GK110’s. That could give AMD an idea if Nvidia could in fact bump the GK104 die with a slight revamp while hitting good gains? I really believe AMD priced the 7970 because they really thought Nvidia would be onboard, but they pulled a fast one on AMD by getting to work from the GK104.
This is AMD being smart... for all the right reasons.